Chicago Board of Trade (CBOT) corn futures eased on Monday on a slightly drier harvest forecast for the western Midwest and plentiful supplies of the feed grain. CBOT December corn ended down 1-3/4 cents at $3.66-1/2 per bushel. Rainy weather is expected across much of the western Corn Belt this week, stalling harvest activity. But drier conditions are forecast beginning this weekend.
Investors are beginning to square positions ahead of Thursday's US Department of Agriculture (USDA) monthly supply and demand reports, which are expected to show higher US corn yields and increased supplies. The USDA's weekly crop progress and condition ratings report, normally released on Monday afternoon, will be delayed until Tuesday due to the Columbus Day federal holiday.