CBOT corn futures fall

Chicago Board of Trade (CBOT) corn futures dropped by about 3 percent on Friday after the US Department of Agriculture raised its US 2018 corn yield forecast by more than expected. CBOT new-crop December corn ended down 11 cents, or 2.9 percent, at $3.71-3/4 per bushel. For the week, the contract dropped 3.3 percent, its first weekly decline in four weeks. The December contract fell below its 10-, 20- and 50-day moving averages and ended at the lowest in 2-1/2 weeks
In a monthly report, the USDA projected average US corn yields at a record-high 178.4 bushels per acre, 2.2 bushels higher than the average trade estimate. The 2018 harvest was seen at the third largest ever.