CHICAGO: Corn futures on the Chicago Board of Trade closed fractionally lower on Tuesday on profit-taking and farmer selling after the September and December contracts hit one-year highs, traders said.
* CBOT September corn settled down 1/4 cent at $4.01-3/4 per bushel and December was down 1/2 cent at $4.14-1/4.
* Beneficial rains that fell early Tuesday in southern Iowa, the top US corn state, added pressure.
* Market underpinned by warm temperatures this week and pockets of dryness in the western Midwest as the corn crop pollinates, its key yield-determining phase.
* The USDA late Monday rated 65 percent of the US corn crop in good to excellent condition, down from 68 percent the previous week and below an average of analyst expectations.
* Conab, Brazil's agricultural statistics and food supply agency, raised its total corn production estimate for 2016/17 to 96 million tonnes, from 93.83 million previously.
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