CHICAGO: Chicago Board of Trade (CBOT) corn futures fell back on Tuesday after a US Midwest crop tour indicated better-than-expected crop conditions, soothing worries of damage from last week's derecho storm that tore across the Midwest.
CBOT December corn lost 3 cents, settling at $3.41-3/4 per bushel.
Strong corn yield estimates in Ohio and South Dakota by the Pro Farmer Midwest Crop Tour on Monday pressured markets, as crop scouts predicted Ohio at 167.69 bushels per acre, with South Dakota yielding 179.24 bushels per acre.
The US Department of Agriculture's weekly crop progress report, released on Monday after the markets closed, showed 69% of the US corn crop in good-to-excellent condition, down two percentage points from a week ago but above average trade expectations.
Early estimates indicate the derecho storm that tore through parts of the US Midwest a week ago damaged more than 57 million bushels of grain storage in Iowa ahead of the autumn harvest, the state's agriculture department said.-Reuters
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