CBOT corn sets contract lows as US weather benefits crop development
CHICAGO, July 11 (Reuters) - Chicago Board of Trade corn futures dropped to contract lows on Friday under pressure from beneficial U.S. crop weather that was stoking expectations for a large harvest, analysts said.
U.S. farmers were expected to reap bumper corn and soy crops this season as both are developing under generally favorable weather in the Midwest farm belt.
The crops, which will be harvested this autumn, will add to abundant global supplies.
Rain is maintaining mostly favorable soil moisture reserves for crops, and Midwestern temperatures remain below stressful levels, the U.S. Department of Agriculture said in a daily weather report.
U.S. corn inventories will shrink to their lowest in four years ahead of what is expected to be a record autumn harvest, the USDA said in a monthly supply-and-demand report.
New-crop CBOT December corn CZ25 ended down 4-1/4 cents at $4.12-1/4 a bushel.
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