Corn drops on U.S. planting progress; wheat, soybeans fall

USDA estimates smallest corn crop in 4 years

The USDA is expected to trim its estimates for corn and soybean yields in its monthly supply and demand report due later on Tuesday.

Analysts had been expecting the report to peg 2019/20 US corn production at 14.251 billion bushels, based on an average yield of 172.4 bushels per acre, according to the average of estimates in a Reuters poll.

The USDA will release a report June 28 to provide updated farmer surveys more accurately reflecting the number of acres farmers planted. It earlier hit a session low of $4.93, the lowest since 30 May.

"It would not come as a shock for trade to quickly digest these numbers and quickly turn attention back to planting and weather for price discovery". The U.S. corn harvest will fall to a four-year low of 13.680 billion bushels, based on an average yield of 166.0 bushels per acre, the report said. Corn planting is normally finished by this time of year. CBOT July corn closed flat at $4.15-3/4 a bushel. -China trade war that has slowed American agricultural exports. The agency rated 59% of the crop as good-to-excellent, ahead of market expectations of 54%.

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IN farmers made a lot of progress this past week in crop planting even as constant spring rains leave them far behind normal.

Chicago corn futures lost ground on Tuesday as USA farmers made progress in seeding the crop, although concerns over lower yields from late-planted crop limited losses.

"U.S. farmers made rapid progress in corn sowings this week, which is weakening prices today", said Matt Ammermann, commodity risk manager with INTL FCStone.

A month ago, USDA had forecast 2019/20 corn production of 15.030 billion bushels, with average corn yield coming in at 176.0 bushels per acre.

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