Corn closes lower on weather forecasts

Corn futures fell on Thursday, on forecasts for better weather conditions to US corps, especially in the mid-west region.

A US official pointed out that the weather conditions support crops amid a weak demand due to the coronavirus crisis.

The pace of corn and soybean cultivation in the US are faster than usual at this time of year, with corn exceeding 67% and soybean 38% as of May 10th, according to preliminary data.

The US Department of Agriculture also reported this week that corn crops is expected this year near 16 billion bushels.

Corn and soybean were also weighed down as the dollar index rose by 0.2% to 100.4 points as of 22:05 GMT, after it hit an intraday high of 100.5 and a low of 100.1.

Corn July futures fell 0.2% to close $3.17 a bushel, after hitting a day high of $3.19 and a low of $3.15.