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CBOT corn futures turn lower on USDA acreage expectations

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By Renee Hickman

CHICAGO, June 24 (Reuters) -Chicago Board of Trade corn futures fell on Monday on expectations more of the grain had been planted ahead of the U.S. Department of Agriculture (USDA) acreage data to be released at the end of the week.

  • CBOT July corn CN24 settled down 1-1/2 cents at $4.33-1/2 per bushel.

  • Analysts polled by Reuters forecast 90.353 million acres of corn have been planted with corn, up from 90.036 million forecast in March.

  • Later on Monday, the USDA is expected to rate 69% of the nation's corn crop in good-to-excellent condition in its weekly crop progress report, down 3 percentage points from a week ago after hot weather in the Midwest corn belt, a Reuters poll of 12 analysts showed. However, the rating would still be the highest for this time of year since 2020.

  • Flooding from thunderstorms over the weekend impacted some corn-growing areas of the U.S. Midwest.

  • Brazilian farmers in the key center-south region had harvested 34% of their second corn crop for the 2024 cycle as of last Thursday, agribusiness consultancy AgRural said on Monday.

  • The Korea Feed Association (KFA) Busan section in South Korea purchased around 66,000 metric tons of animal feed corn expected to be sourced from either South America or South Africa in a private deal late on Friday, European traders said on Monday.

Reporting by Renee Hickman in Chicago
Editing by Matthew Lewis


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