CBOT corn eases on US Midwest rains, forecast for more

Parvez Jabri August 7, 2019

CHICAGO: Chicago Board of Trade (CBOT) corn futures retreated on Tuesday after two sessions of gains as rain in some dry sections of the US Midwest and forecasts for more precipitation later this month eased worries about yield losses, traders said.

* CBOT September corn fell 1-1/4 cents to settle at $4.04 per bushel. New-crop December corn closed down 2-1/4 cents to $4.12-1/2 a bushel after failing to breach chart resistance at its 100-day moving average.

* Better-than-expected rains across the northern Midwest overnight and forecasts for more precipitation in the 11- to 15-day outlook weighed on corn prices.

* The US Agriculture Department said on Monday afternoon that the US corn crop was rated 57 percent good to excellent as of Aug. 4, in line with market forecasts.

* US President Donald Trump on Tuesday vowed to protect American farmers against China by signaling to provide further aid if needed, a day after Chinese firms stopped agricultural purchases and Beijing threatened more tariffs on US farm products.

Copyright Reuters, 2019

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