Chicago corn futures were slightly lower on Wednesday, erasing some of the previous session’s gains, with caution evident in the run-up to Thursday’s U.S. Department of Agriculture (USDA) monthly supply and demand report.
According to a report at Reuters, while the agency is expected to lower its outlook for the U.S. corn and soybean crop, it sprung a surprise last month with a higher than anticipated forecast.
“The yield estimates on this report will be watched closely as the data will include USDA field checks for the first time this year, mixed with their usual farmer survey,” brokerage Allendale told Reuters.
