CBOT corn ends down on improved crop conditions
- CBOT September corn settled down 5-3/4 cents at $3.22-3/4 per bushel and new-crop December ended down 5 cents at $3.30-3/4 per bushel.
- The crop was 59% silking, up from 29% a week ago and the five-year average of 54%, according to the USDA.
CHICAGO: Chicago Board of Trade corn futures ended lower on Tuesday on an improved weather outlook and after the US Department of Agriculture rated the crop better than expected in its Monday afternoon conditions report.
CBOT September corn settled down 5-3/4 cents at $3.22-3/4 per bushel and new-crop December ended down 5 cents at $3.30-3/4 per bushel.
The USDA rated 69% of the US corn crop in good-to-excellent condition, unchanged from a week earlier. Analysts on average expected 68%, and their range of estimates was 67% to 71%.
The crop was 59% silking, up from 29% a week ago and the five-year average of 54%, according to the USDA.
As Chinese animal producers struggle with high corn prices, which have soared more than 20% in some areas this year amid tightening supplies, the government plans to sell rice and wheat from state reserves as a source of cheaper animal feed, according to sources familiar with the matter.
The move could result in fewer US corn purchases, analysts said.
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