CBOT corn ticks higher on crop tour results
CHICAGO, Aug 25 (Reuters) - Chicago Board of Trade corn futures firmed on Monday after a crop tour forecast the U.S. harvest below estimates from the U.S. Department of Agriculture.
Consultancy Pro Farmer on Friday forecast U.S. farmers would harvest a record corn crop, though its estimate put the crop below USDA projections, adding a hint of bullishness to the market.
The U.S. Department of Agriculture was expected to trim its U.S. corn and soybean crop ratings in a weekly report on Monday, analysts said in a Reuters poll, though farmers were still poised to produce large harvests.
The USDA was expected to rate 70% of the corn crop as being in good or excellent shape as of August 24, down from 71% a week earlier, according to the average of 12 analysts' estimates.
The corn crop rating, if confirmed, would be the highest for this time of year since 2016.
CBOT December corn futures CZ25 ended 3/4 cent higher at $4.12-1/4 per bushel.
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