CBOT corn eases on high yield expectations
CHICAGO, Aug 19 (Reuters) - Chicago Board of Trade corn futures eased on Tuesday as strong yield projections from a U.S. Midwest field tour maintained supply pressure.
The condition of the U.S. corn crop declined slightly over the past week but remained at its strongest since 2016 at 71% good-to-excellent, the U.S. Department of Agriculture said in a weekly report on Monday.
Crop scouts on the annual Pro Farmer Midwest crop tour estimated better-than-average corn yields in Ohio and South Dakota on Monday. But dry soil conditions could limit crop potential in Ohio, scouts said.
Meanwhile, corn yield potential in South Dakota is the highest since 2020, with plenty of moisture to aid crop development, tour scouts said.
Traders are awaiting further reports from day 2 of the tour, with scouts surveying fields in Indiana and Nebraska.
Actively traded CBOT December corn futures CZ25 ended 3-1/4 cents higher to $4.03-1/4 per bushel.
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