CBOT corn falls under spillover weakness from soybeans
CHICAGO, Dec 18 (Reuters) -Chicago Board of Trade corn futures ticked down on Wednesday as futures came under pressure from plummeting soybean prices and a large South American crop.
A U.S. government funding bill was released allowing year-round sales of gasoline with a higher ethanol blend, helping to add support for corn futures.
The funding bill would allow 15% ethanol blend gas to be sold in the months of June to September, potentially lifting demand for the corn-based biofuel.
A large South American crop continues to weigh on prices, according to analysts.
Favorable weather in corn-growing areas of South America has also pressured prices.
The U.S. Department of Agriculture confirmed private sales of 135,000 metric tons of U.S. corn to Colombia for shipment in the 2024/25 marketing year.
CBOT March corn CH25 ended 6-1/4 cents lower at $4.37-1/4 a bushel.
Reporting by Heather Schlitz;
Editing by Sandra Maler
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