CBOT Corn Futures Decline Ahead of USDA Report

Corn futures on the Chicago Board of Trade (CBOT) have declined by 3 to 4 cents per bushel, as traders await the release of U.S. Department of Agriculture forecasts scheduled for Friday.

The USDA's supply-and-demand forecasts are expected to provide insight into the impact of hot and dry weather on Midwest crops during the summer months. On Tuesday, the USDA reported that 56% of the corn crop was in good-to-excellent condition, a decrease of 1 percentage point from the prior week.

The CBOT December corn contract (CBOT:CZ26) traded down 2-3/4 cents to $5.29-3/4 per bushel.