CHICAGO: Chicago Board of Trade corn futures edged higher on Friday on worries about unfavorable weather that has hurt the US crop, traders said.
CBOT December corn futures settled up 4-1/4 cents at $3.58 a bushel.
Traders do not want to be short in the market amid uncertainty about the size of upcoming US harvests and before the USDA issues monthly crop data on Sept. 11, brokers said. The data will provide updates on yields and production, following dryness in the Midwest and a damaging windstorm in Iowa last month.
Private analytics firm IHS Markit Agribusiness, formerly known as IEG Vantage, lowered its corn yield estimate to 178.1 bushels per acre, from 179.0 a month ago, and its production estimate to 14.961 billion bushels, from 15.036 billion previously.
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