September corn was down 10 cents at $5.87-3/4 per bushel, December was down 10 at $6.07-1/2. Firm dollar and weak crude oil weigh, along with profit-taking after strong two-week rally. Forecasts for rain in the US over the weekend weigh. However, some of the forecasts indicate small amounts of moisture.
Pro Farmer estimates 2008 US corn crop 12.152 billion bushels, below USDA's August forecast for 12.288 billion. Traders said Pro Farmer numbers mildly supportive for corn prices, while crop's immaturity heightens uncertainty about final 2008 production. Some rain forecast for US Midwest next week but the outlook is uncertain amid volatile tropical storm Fay. Showers this week missed some dry areas in the crop belt.
Iowa corn yield potential steady with 2007 -Pro Farmer tour. Argentina sees smaller 2008/09 wheat, corn area. US cash corn steadies; farmer selling slows. September trading between support at 200-day moving average of $5.65 and resistance at 100-day MA of $6.30-1/2.
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