CBOT corn tips lower on strong crop tour results
CHICAGO, Aug 22 (Reuters) - Chicago Board of Trade corn futures chopped up and down on Friday but ended lower as the strong yield potential shown by a U.S. field tour curbed support from bumper weekly exports.
Scouts on the Pro Farmer Midwest crop tour estimated the corn yield in top producer Iowa at 198.43 bushels per acre, above the 2024 tour average of 192.79 bpa, and Minnesota's corn yield at 202.86 bpa, a sharp jump from 164.90 bpa in 2024. The estimates were the highest ever for both states in the tour's 22-year data set.
Pro Farmer will release its U.S. corn and soy crop forecast later on Friday, drawing from tour observations.
The U.S. Department of Agriculture confirmed private U.S. corn sales totaling 119,769 metric tons to Costa Rica and 140,452 tons to Spain for shipment in the 2025/26 marketing year.
The International Grains Council has raised its forecast for 2025/26 global corn production to a record 1.299 billion tons, up 23 million tons from its previous estimate, largely reflecting an improved outlook for the U.S. crop.
Weekly export sales for corn were well above market expectations at about 2.8 million tons.
CBOT December corn futures CZ25 ended 1/4 cent lower at $4.11-1/2 per bushel.
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