US corn futures fall by maximum 30 cents/bushel

10 October 2008 22:24  [Source: ICIS news]

HOUSTON (ICIS news)--Corn futures settled on the Chicago Board of Trade (CBOT) at a maximum loss of 30 cents/bushel on Friday, pushed down by a broad-based commodity sell-off and a USDA report showing supplies were more plentiful than expected.

Corn for December delivery settled at $4.08/bushel (€2.98/bushel) for the maximum one-day loss allowed on the exchange. It never traded higher than $4.10/bushel during Friday’s session.

Futures for 2009 delivery now range between $4.25-4.60/bushel, depending on the month.

Corn is a major feedstock in the US for a wide array of chemicals, ranging from ethanol to sorbitol.

($1 = €0.73)

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By: David Rosen
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