Corn closes lower on positive supply outlook in Brazil

Corn prices fell on Monday, as the US dollar held steadily against most major currencies, while corn and soybean futures weighed down by positive forecasts of Brazilian supply.

Analysts see that the corn futures saw technical sales ahead of the next update of crop production data by the US Department of Agriculture for this harvest season.

Otherwise, soybean and corn plantings in Brazil saw a much-needed rainfall last weekend, amid forecasts for more heavy rains the next 10 days, which boosts the abundance and quality of crops.

The dollar index rose against a basket of currencies by less than 0.1% to 93.05 as of 22:34 GMT, after hitting a high of 93.2 and a low of 93.01.

Corn December futures fell 1.5% to $3.89 per bushel, after hitting a day high of $3.99 and a low of $3.87.