US corn market dull on sluggish buying

images (3) NEW YORK (Commodity Online): The Corn market in U.S is losing its grip in the market on lack of pressure from the buyers.

As the harvest is approaching, the buyers would get chance to bargain price compared to current level.

According to an analyst of Northstar Commodity in Minneapolis, the end user is very, very patient buyers.

This has helped to push down the price sharply this month.

The average cash corn price in the Chicago Board of Trade futures closed two cents low on Wednesday.

Three weeks before, an Ethanol company bought corn at 55 cent premium to the futures price and now, it bought at 10 cents below futures.

The Ethanol producers continue their buying on strong demand for renewable energy fuel. But the Corn sellers can’t impose heavy price as the commodity is abundantly available.

The weekly sales say that export demand for the commodity is very low.

The livestock producer has started to use less corn as the wheat’s price was comparatively attractive then corn.

As per Jason Britt who is the president of Central States Commodities, weakening basis might not continue long after harvest kicks into full gear, all the buyers on the sidelines could spark a significant competition for supplies once the harvest enters the pipeline.

http://www.commodityonline.com/news/US-corn-market-dull-on-sluggish-buying-41943-3-1.html


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