CBOT corn falls 2% on favorable US crop weather
CHICAGO, June 9 (Reuters) - Chicago Board of Trade corn futures declined more than 2% on Monday on favorable U.S. growing conditions and uncertainty about export demand, traders said.
CBOT July corn CN25 settled down 9 cents, or 2.0%, at $4.33-1/2 per bushel.
New-crop December corn ended down 11-1/4 cents, or 2.5%, at $4.38 a bushel.
A "mild/showery" pattern was forecast for the U.S. Midwest, the Commodity Weather Group said in a client note, bolstering crop prospects.
Ahead of the U.S. Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 70% of the U.S. corn crop in good to excellent condition, up from 69% a week ago.
Planting is seen as virtually complete with an estimated 97% seeded, up from 93% previously.
Weekly export data was strong. The USDA reported export inspections of U.S. corn in the latest week at 1,656,562 tons, topping a range of trade expectations for 1,000,000 to 1,600,000 tons. USDA/I
However, with Brazil's second-crop corn harvest getting started, the window for U.S. corn sales may be slowing, some brokers said.
Market players were monitoring talks in London between the United States and China aimed at cooling a trade dispute between the world's two largest economies.
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