Chicago Board of Trade corn futures fell to their lowest levels of 2017 on Tuesday, led by weakness in wheat amid ample global grain supplies and a large Russian wheat harvest. Most-active CBOT December corn settled down 3 cents at $3.60 per bushel, its lowest in nearly a year, but stayed above its contract low of $3.58-1/2. September corn settled at a new contract low of $3.46, the lowest front-month price on a continuous chart since December.
Additional market pressure stemmed from rains in the US Midwest this week that may help crops fill kernels, bolstering production prospects. Scouts on the Farm Journal Midwest Crop Tour were assessing fields in Nebraska and Indiana, and the tour was expected to release yield projections for those states later on Tuesday. The tour late Monday estimated Ohio's corn yield at 164.6 bushels per acre (bpa) and South Dakota's yield at 147.97 bpa.