Corn drifts as USDA data awaited for harvest clues
DBA•Chicago corn futures were up 0.1% at $5.02-1/2 a bushel, with soybeans down 0.3% and wheat up 0.3%, as traders awaited USDA crop forecasts due Friday.
1. Traders await crop forecasts
Corn futures steadied after the previous day's decline as markets awaited the USDA's monthly supply and demand report on Friday, which will include revised U.S. crop forecasts. Analysts surveyed by Reuters expect the agency to lower its average U.S. corn yield estimate and leave its soybean yield projection unchanged.
2. Mixed market pressures
At 1033 GMT, soybeans eased 0.3% to $12.94-1/4 a bushel and wheat rose 0.3% to $6.88-1/4. A firm dollar curbed Chicago prices, while a rally in crude oil lent support. Heavy rain last month added to concerns about yields after summer heat and dryness stressed crops; drier weather this week is expected to let harvesting accelerate and add supply pressure.
