CBOT corn lower ahead of USDA report

CHICAGO, Aug. 11 (Reuters) - Chicago Board of Trade corn futures ticked lower on Tuesday as participants adjusted positions ahead of the widely followed U.S. government crop forecasts on Wednesday and eyed beneficial rain hitting the U.S. corn belt.

• Ahead of the USDA's monthly report, analysts surveyed by Reuters on average expected the agency to lower its estimate of the U.S. 2026 corn yield to 182.4 bushels per acre, from 183.0 previously.
• Volatile July weather likely dented corn yield potential across the U.S. Midwest and fueled market uncertainty at a time when robust demand from exporters and ethanol producers is reducing global grain stocks, farmers and analysts said.
• Rain and milder temperatures aided crops after excessive heat and dryness during July, analysts said.
• U.S. corn crop conditions stabilized last week after three straight weeks of declines.
• The USDA late on Monday rated 61% of the U.S. corn crop in good-to-excellent condition, unchanged from a week earlier and in line with trade expectations.
• The most-active contract Cv1 ended 1-1/4 cents lower to $4.60-1/2 per bushel.