Chicago Board of Trade corn futures dropped on Thursday, pressured by a bearish US planting outlook, traders said.
The benchmark CBOT March corn futures contract dropped below its 10-day moving average and closed near its session low.
Corn futures have fallen during four of the last five trading sessions. The US Agriculture Department forecast 2020 corn plantings of 94.0 million acres, up from 89.7 million acres in 2019. The average of analysts’ estimates was 93.6 million acres.
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