CHICAGO: Chicago Board of Trade (CBOT) corn pulled back on Wednesday as a US Midwest crop tour continues to find promising crop conditions as it nears Iowa, the location of extensive damage last week from a derecho windstorm that tore across the Midwest. CBOT December corn lost 2 cents, settling at $3.39-3/4 per bushel.

Crop scouts on the widely followed Pro Farmer Midwest Crop Tour found above-average crop potential in parts of Nebraska and Indiana on Tuesday, with 186.2 bushels per acre in Nebraska, up from the three-year tour average of 179.60 bpa. In Indiana, the tour estimated 176 bushels per acre, above the three-year tour average for the region.

Weekly ethanol output increased by 8,000 barrels last week, to 926,000 barrels per day, according to the US Energy Information Administration. Ethanol stocks rose 520,000 BBLS to 20.27 million BBLS.