Corn Futures Edge Higher Ahead of US Supply Outlook Report
Grain markets are on edge as traders await the USDA's supply-and-demand report due out this Friday. The most-traded corn contract on the Chicago Board of Trade (CBOT) has edged higher by 0.14% to $5.28-1/5 a bushel, while wheat futures have declined by 0.3% to $7.25-1/4 a bushel.
The report is expected to provide a clearer indication of the extent to which hot, dry weather this summer damaged crops in the US Corn Belt, particularly soybeans. Analysts on average predict that the USDA will estimate corn yield for the month at 178.2 bushels per acre.
Argentina's corn exports are seen reaching a record 10 million metric tons in August and September, supported by a bumper harvest and strong international demand. Meanwhile, market participants continue to assess US diplomatic efforts to end the Black Sea conflict, which has disrupted grain exports globally.