US Corn Futures Pull Back After Strong Gains

The US corn futures market has taken a modest hit today, slipping 0.5% in pre-open trading to trade at $539.4 per bushel.

This retreat comes after Monday's strong gains, where the December contract settled at $5.43 per bushel, up more than 15 cents on the session.

Market analysts have noted that grain markets are currently in a consolidation phase as participants await the outcome of the US-China diplomatic summit before making new directional commitments.

The steady advancement of the US corn harvest, running slightly ahead of its five-year average pace, has also contributed to the modest dip in prices today. Crop quality ratings have ticked higher to 57% good-to-excellent.