CBOT corn ends lower on US harvest pressure
- CBOT December corn settled down 2 cents at $3.64-3/4 per bushel and stayed inside of Monday's trading range.
- Forecasts called for mostly dry weather in the Midwest this week that should speed progress.
CHICAGO: Chicago Board of Trade corn futures ended lower on Tuesday on pressure from the expanding US harvest and position-squaring ahead of quarterly stocks data due Wednesday from the US Department of Agriculture, traders said.
CBOT December corn settled down 2 cents at $3.64-3/4 per bushel and stayed inside of Monday's trading range.
The USDA said late Monday the US corn crop was 15% harvested, behind the five-year average of 16% and an average of analyst expectations for 17%.
Forecasts called for mostly dry weather in the Midwest this week that should speed progress.
Ahead of Wednesday's quarterly stocks report, analysts surveyed by Reuters on average expected the USDA to report US Sept. 1 corn stocks at 2.250 billion bushels, which would be the largest Sept. 1 figure since 2017.
Comments
Comments are closed for this article.