Chicago Board of Trade corn futures drifted lower on Tuesday amid a lack of fresh news as traders awaited the planned signing on Wednesday of a US-China Phase 1 trade agreement. CBOT March corn settled 1/2-cent lower at $3.89 per bushel, turning down after rising to $3.90-1/2, the contract's highest since January 3.

US and Chinese officials are expected to sign a Phase 1 trade deal on Wednesday that may allow the two sides to start resolving their trade war, which led to a drop in US grain exports to China. Reports say China has agreed to hugely increase US food and farm product imports, but the text of the proposed agreement has not been released, leaving markets uncertain.