CHICAGO: Chicago Board of Trade (CBOT) corn futures ended higher on Thursday, supported by strength in wheat futures and uncertainty about US crop prospects, traders said.
CBOT September corn settled up 9-1/4 cents at $4.44-1/4 per bushel and new-crop December ended up 8-1/2 cents at $4.48.
The US Department of Agriculture in a monthly report raised its estimate of US 2019-20 corn production to 13.875 billion bushels, up from 13.680 billion in June and above an average of analyst expectations.
The USDA left its estimate of the US corn yield unchanged at 166.0 bushels per acre, while most analysts in a Reuters survey expected a slight reduction.
However, following widespread planting delays this spring, traders await the USDA's Aug. 12 report in which the government expects to release updated US plantings figures for corn and several other crops.
Brazilian government crop supply agency Conab raised its estimate of Brazil's 2018-19 total corn crop to 98.5 million tonnes, from 97.0 million in June.
The USDA reported export sales of US corn in the week ended July 4 at 397,000 tonnes (old and new crop years combined), toward the low end of trade expectations.
China's agriculture ministry lowered its forecast for 2019/20 corn consumption due to outbreaks of African swine fever across the country reducing demand for feed.
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