OREANDA-NEWS. February 02, 2015. Corn futures on the Chicago Board of Trade edged lower on Friday, declining for the fifth session in a row on pressure from month-end investment fund selling tied to ample global grain supplies, traders said.

Light short covering late in the session pulled corn from its lows, with prices finishing only narrowly lower. Most-active CBOT March corn earlier fell to USD3.65-3/4 per bushel, the lowest point since Oct. 27. The contract is technically oversold after falling below its 100-day moving average on Wednesday, sparking long liquidation and new shorts.

For the month, corn on a continuous chart declined 6.6 percent, giving back all of the gains seen in December.

Grains analyst Safras & Mercado cut its forecast for Brazil's overall corn crop to 74.7 million tonnes from 75.5 million tonnes. For the second corn crop now being planted, Safras expects the area to dip to 7.94 million hectares from 7.97 million hectares a year ago.