CBOT corn futures may average US$3.80 in Q4

Corn futures on the Chicago Board of Trade will likely average US$3.80 a bushel in this quarter and US$4 in the first quarter of 2010, supported by a delay in the US harvest and a weak US dollar, Rabobank said Thursday.

"It is also likely that in the face of continued US dollar weakness, market participants could use a near-term correction as an opportunity to re-establish or increase their long side exposure, potentially pushing prices towards the US$4.30/bushel level," Rabobank said in its monthly report on agricultural commodities.

The CBOT December corn contract ended 1 3/4 cents lower Wednesday (Oct 27) at US$3.69 a bushel, while the March contract ended down 1 1/2 cents at US$3.81 1/2.