U.S. corn price declined on Wednesday, June 19 as traders booked profits after a sharp two-day rally and worries about the Federal Reserve's next monetary policy step weighed on prices.
The corn price for delivery in December on the Chicago Board of Trade (CBOT) fell 0.45 percent to $5.48 a bushel as of 03:24 GMT today, after rising more than three percent in the previous two sessions, the biggest such gain since late May. On Tuesday, the futures closed trading in Chicago 2.2 percent higher on concerns that cool and wet weather in parts of the U.S. may slow crop development. But worries over the fate of the U.S.’s bond-buying programme have roiled markets today. All eyes are now on the Fed's two-day meeting that ends today. A Fed monetary policy statement and a news conference by Chairman Ben Bernanke are expected later in the day.
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