CHICAGO: Chicago Board of Trade corn futures closed lower on Monday on improving US crop weather and carry-over pressure from Friday's larger-than-expected plantings estimate from the US Department of Agriculture, traders said.
CBOT September corn settled down 9-1/4 cents at $4.15-1/2 per bushel after dipping to $4.13-1/2, its lowest since May 24.
Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 57pc of the US corn crop as good to excellent, up from 56pc a week earlier.
The USDA reported export inspections of US corn in the latest week at 272,513 tonnes, below a range of trade expectations for 500,000 to 800,000 tonnes.
China has found the crop-eating fall armyworm in the major corn-producing province of Shandong, although it has not yet damaged any crops there, the government-backed Beijing News said.
Comments
Comments are closed for this article.