Grains-Chicago corn falls ahead of USDA's supply demand report
CORN•Chicago corn falls ahead of USDA report
BEIJING, Sept. 9 (Reuters) - Chicago Board of Trade corn futures fell on Wednesday as traders monitored Black Sea conflicts and adjusted positions ahead of Friday's widely anticipated U.S. Department of Agriculture supply and demand report. Soy and wheat also dropped.
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The most-traded corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.9% to $5.28-3/4 a bushel by 0145 GMT. CBOT Wv1 dropped 0.8% to $7.40-3/4 a bushel, while soybeans Sv1 fell 0.5% to $13.09-1/4 a bushel.
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Expectations for poor yields in the U.S. Corn Belt have kept a floor on corn futures.
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Grain markets are also turning their attention towards monthly USDA supply-and-demand forecasts due this Friday.
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Weather in the U.S. Midwest will mostly remain warmer and drier in the coming weeks, limiting harvest slowdowns and frost risks, according to forecaster Commodity Weather Group.
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Commodity brokerage StoneX on Tuesday lowered its estimate of the average U.S. 2026 corn yield to 182.9 bushels per acre (bpa) from 184.8 in its previous monthly report released on August 4.
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The USDA last Friday reported that 5% of the U.S. corn crop had been harvested, with 56% of the crop in good-excellent condition.
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Market participants remain on edge over the risks of a prolonged interruption to Russian and Ukrainian grain exports from the Black Sea region.
