China Summit Cuts Corn Prices Amid Harvest Boost

Corn futures declined moderately on Tuesday as traders await clarity on China's potential grain purchases during this week's summit in Washington. The drier weather conditions are expected to allow farmers to accelerate their harvest activity, which could impact corn prices.

Prices had surged in the previous session due to optimism that China would start making progress on a pledge outlined by the White House for $17 billion in agriculture purchases beyond an earlier deal for soybeans. The futures fell as much as 1.4% in Chicago, reflecting traders' cautious stance ahead of the summit.