Chicago Board of Trade corn futures closed modestly lower on Tuesday on seasonal pressure as the US corn harvest expanded and anecdotal yield reports were better than expected, traders said. CBOT December corn settled down 1-1/2 cents at $3.52-1/4 per bushel.
Position-squaring was noted ahead of the US Department of Agriculture's quarterly stocks report on Friday. The average trade estimate of US September 1 corn stocks was 2.353 billion bushels, which would be the largest September 1 stocks since 1988, if realized.