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Markets

CBOT corn sets two-month low on favorable US weather outlook

CHICAGO: Chicago Board of Trade (CBOT) corn futures dropped to their lowest prices in more than two months on Wednes

July 31, 2019

CHICAGO: Chicago Board of Trade (CBOT) corn futures dropped to their lowest prices in more than two months on Wednesday as US crop weather looked mostly favorable, traders said.

* CBOT September corn slid 11 cents to $4.00-1/4 per bushel. New-crop December corn dropped 11 cents to $4.10.

* Both contracts hit their lowest prices since May 24.

* The US Department of Agriculture, in a daily weather report, said slightly below-normal temperatures are ideal for corn and soybeans in the nation's corn belt. Pockets of unfavorable dryness persist, according to the agency.

* Weather forecasts are "giving the corn bulls no fodder," according to broker INTL FCStone.

* Traders still remain uncertain about US crop prospects, following heavy rains that caused unprecedented planting delays this spring.

* The USDA is set to issue an update on plantings in a monthly crop report due out on Aug. 12.

* On Thursday, traders will assess weekly US grain and soybean export sales data from the USDA.

Copyright Reuters, 2019