CHICAGO: Chicago Board of Trade (CBOT) corn futures fell for a second straight day on Thursday as warmer, drier US Midwest weather was seen boosting development of the late-seeded crop and as traders squared positions ahead of key crop data due on Friday, traders said.
The US Department of Agriculture (USDA) is scheduled to release its US acreage and quarterly stocks reports on Friday at 11 a.m. CDT (1600 GMT).
CBOT September corn ended 3-3/4 cents lower at $4.45-3/4 per bushel. New-crop December futures shed 3-1/2 cents to $4.51.
Traders are also squaring bets near the end of the month and quarter and ahead of the upcoming G20 summit, where US President Donald Trump and Chinese President Xi Jinping are scheduled to meet to discuss a year-long trade war.
Forecasters expect warmer, drier weather across the US Midwest farm belt over the next 10 days. The improved weather, which follows an exceptionally rainy and cool spring, was seen accelerating crop development.
The USDA reported export sales of US corn in the week to June 20 at 405,000 tonnes (old and new crop years combined), in line with trade expectations.
The International Grains Council cut its forecast for 2019/20 world corn production by 23 million tonnes in a monthly report, to 1.095 billion tonnes.
Traders and analysts are expecting zero to fewer than 500 deliveries against CBOT July corn futures on Friday, the first notice day.
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