CBOT corn ends lower on US harvest pressure
- CBOT December corn settled down 3 cents at $3.79-3/4 per bushel.
- A day earlier, US commodity brokerage StoneX lowered its US corn yield estimate to 179.0 bpa.
CHICAGO: Chicago Board of Trade corn futures declined on Friday on expectations of active harvesting in the Corn Belt this weekend and investor uncertainty after US President Trump tested positive for the novel coronavirus, rattling global financial markets.
CBOT December corn settled down 3 cents at $3.79-3/4 per bushel.
However, for the week, the contract rose 14-1/2 cents a bushel or nearly 4%, buoyed by smaller-than-expected Sept. 1 corn stocks reported by the US Department of Agriculture on Wednesday.
Private analytics firm IHS Markit on Friday cut its forecast of the average US 2020 corn yield to 177.8 bushels per acre (bpa), from 178.1 a month ago.
A day earlier, US commodity brokerage StoneX lowered its US corn yield estimate to 179.0 bpa, down from 179.6 a month earlier but still above the USDA's September figure of 178.5 bpa.
Forecasts called for mostly favorable weather for harvesting in the Midwest during the next two weeks.
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