Chicago Board of Trade (CBOT) corn futures closed weaker on Tuesday on forecasts for showers across some dry areas of the US corn belt and on spillover pressure from falling wheat prices. CBOT September corn settled down 1/4 cent at $3.70-3/4 per bushel. New-crop December corn ended down 3/4 cent at $3.84-1/2.
The US Department of Agriculture late on Monday cut good-to-excellent ratings for the US crop by 1 percentage point to 71 percent, in line with trade estimates. Brazilian corn exports could fall to 20 million tonnes in 2018, below most analysts' estimates, due to a smaller crop, Luis Barbieri, oilseeds head for commodities trader Louis Dreyfus Company said on Tuesday.