CHICAGO: Chicago Board of Trade corn futures edged higher on Monday on expectations that the US Department of Agriculture will lower its domestic inventory and yield estimates in a monthly report on Tuesday, traders said.
CBOT December corn settled 3/4-cent higher at $4.07-1/2 per bushel.
The market advanced as the first successful data from a late-stage COVID-19 vaccine trial spurred hopes of the economy recovering quickly from a year of pandemic-driven crisis.
The USDA on Tuesday is expected to lower its estimate for US corn ending stocks to 2.033 billion bushels from 2.167 billion in October, according to analysts surveyed by Reuters.
Analysts, on average, expect the USDA to lower its US corn yield estimate to 177.7 bushels per acre from 178.4 bushels in October.-Reuters
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