CBOT corn sinks to contract lows on high yield expectations
Chicago Board of Trade corn futures sank to contract lows for the third session in a row on Wednesday as ample global supply hung over grains markets.
Private estimates for massive U.S. corn yields and trade expectations that the U.S. Department of Agriculture will revise its yield estimates higher have weighed heavily on corn futures.
The USDA on Monday issued condition ratings that showed U.S. corn conditions were at their highest in nine years, reinforcing the prospect of a bumper U.S. harvest as crops emerge from the crucial pollination period.
A big second corn crop in Brazil is already flowing onto the market ahead of the autumn U.S. harvest.
South Korea's Major Feedmill Group has purchased about 68,000 metric tons of animal feed corn in an international tender on Wednesday seeking up to 140,000 tons sourced only from South America or South Africa, European traders said.
CBOT December contract (CZ25) fell 3/4 cent to close at $4.01-1/4 per bushel, after hitting a low of $3.96-3/4 per bushel. September 2025 to September 2026 corn contracts hit lifetime lows.
