(Reuters) – U.S. corn futures fell on Thursday as some investors took profits after gains the day before on rising production of ethanol, which is often made from the grain.
FUNDAMENTALS
Chicago Board of Trade March corn fell 0.34 percent to $4.37-3/4 a bushel, having climbed 0.74 percent on Wednesday.
January soybeans dropped 0.07 percent to $13.43 a bushel, after firming 0.43 percent the previous session.
March wheat was unchanged at $6.40-3/4 a bushel, having closed up 0.31 percent on Wednesday.
The U.S. Energy Information Administration reported U.S. ethanol production in the latest week at 944,000 barrels per day, up 31,000 from the previous week.
Meanwhile, the U.S. Department of Agriculture raised its forecast of the amount of corn used to make U.S. ethanol in 2013/14 to 4.950 billion bushels, up 50 million from its previous estimate.
MARKET NEWS
The yen held firm in Asia on Thursday, having risen broadly on the back of a slump on Wall Street as expectations grew that the Federal Reserve could scale back stimulus as early as next week.
Brent oil rose on supply concerns as traders remained sceptical that Libyan oil exports would resume, while U.S. crude fell after government data showed large builds in refined oil products, suggesting sluggish oil demand.
U.S. stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.
