Chicago Board of Trade corn futures fell on Wednesday, with the benchmark December contract touching its lowest in two months on harvest pressure and renewed doubts that a US-China trade deal will be completed this year, traders said.
CBOT December corn settled down 3-1/4 cents at $3.66-3/4 per bushel after dipping to $3.65-3/4, the contract's lowest since September 18.
Completion of a "phase one" US-China trade deal could slide into next year, trade experts and people close to the White House say. Traders were liquidating and/or rolling positions in December corn futures ahead of first notice day for deliveries on November 29. Forecasts for improving crop weather in South America lend pressure.
The US Energy Information Administration said weekly US output of corn-based ethanol rose for the eighth straight week, to 1.03 million barrels per day, while stocks fell to 20.51 million barrels, the lowest level since January 2017.
Ahead of the US Department of Agriculture's weekly export sales report on Thursday, analysts expected the government to report export sales of US corn in the week ended Nov. 14 at 400,000 to 900,000 tonnes.
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