CBOT Corn Futures Decline Ahead of USDA Stocks Report

Corn futures on the Chicago Board of Trade (CBOT) declined by a penny to $5.22 per bushel, as traders awaited the quarterly grain stocks data from the US Department of Agriculture (USDA) scheduled for release on Wednesday.

The market participants adjusted their positions ahead of the stocks report and before the month and quarter end.

According to a poll of analysts, the USDA is expected to report 1.918 billion bushels in corn stocks as of September 1, which would be an increase from 1.551 billion bushels a year earlier.

The weather forecast by Vaisala indicated that rain will continue to slow US harvesting over the next week, with only 18% of the corn crop harvested as of Sunday, matching the average pace over the past five years.