CBOT corn lower on selling pressure
CHICAGO, Aug 26 (Reuters) - Chicago Board of Trade corn futures ticked lower on Tuesday on selling pressure while expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
Corn has been hit by selling pressure as farmers clear their old-crop corn to make room for a hefty new crop.
The U.S. Department of Agriculture rated 71% of the corn crop as being in good or excellent shape as of August 24, unchanged from a week earlier. Analysts expected 70%, according to a Reuters poll.
The corn crop rating, if confirmed, would be the highest for this time of year since 2016.
The historically strong ratings helped to support projections for a record-breaking corn crop and bumper soy harvest this autumn after largely favorable summertime weather across much of the Midwest farm belt.
CBOT December corn futures CZ25 ended 2-3/4 cents lower to $4.09-1/2 per bushel.
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