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Markets

CBOT corn ends flat as traders, farmers assess US storm damage

  • Market moves were muted ahead of a monthly US Department of Agriculture supply-demand report due on Wednesday.
  • CBOT December corn ended up 1/2 cent at $3.23-1/2 per bushel after touching a one-week high earlier in the session.
12 Aug 2020

CHICAGO: Chicago Board of Trade corn futures were flat on Tuesday as traders said the United States would have adequate supplies despite a severe storm in key growing areas on Monday.

Analysts estimated that the storm may have destroyed anywhere from 50 million to 400 million bushels of corn.

Market moves were muted ahead of a monthly US Department of Agriculture supply-demand report due on Wednesday.

Prior to the storm, analysts predicted the agency would peg 2020/21 corn ending stocks at 2.8 billion bushels, up from 2.648 billion in July.

CBOT December corn ended up 1/2 cent at $3.23-1/2 per bushel after touching a one-week high earlier in the session.