Corn futures edge lower ahead of USDA stocks report

On Tuesday, corn futures on the Chicago Board of Trade dipped marginally as traders anticipated the release of quarterly grain stocks data from the U.S. Department of Agriculture, scheduled for the following Wednesday. In a bid to adjust their positions, market participants prepared for the impending stocks report and the close of the month and quarter.

According to projections from a survey of analysts, the USDA is anticipated to announce U.S. corn stocks at 1.918 billion bushels on September 1, a figure that would represent an increase from 1.551 billion bushels a year ago. Vaisala, a weather forecasting company, reported that rain will persist, hampering U.S. harvesting activities over the forthcoming week.

As of Sunday, U.S. farmers had harvested 18% of the corn crop, aligning with their usual pace over the past five years, according to the USDA, which reported this on Monday. However, the progress was slower than average in certain states, notably Iowa, owing to the rainfall. The CBOT December corn settled 1 cent lower at $5.22 per bushel.

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