CBOT Corn Futures Edge Lower Ahead of USDA Stocks Report

Corn futures on the Chicago Board of Trade (CBOT) closed slightly lower on Tuesday as traders awaited quarterly grain stocks data from the US Department of Agriculture (USDA).

The USDA is expected to report stocks at 1.918 billion bushels on September 1, up from 1.551 billion a year earlier, according to a poll of analysts.

Market participants adjusted their positions before the stocks report and ahead of the month and quarter end, as weather forecaster Vaisala said rain will continue to slow US harvesting over the next week.

US farmers harvested 18% of the corn crop as of Sunday, matching their average pace over the past five years, the USDA said on Monday. Progress was below average in some states, including Iowa, due to rain.