CBOT corn ends lower as condition rating unchanged
Updates settlement prices to Tuesday's prices. Monday's were previously listed.
CHICAGO, Aug 13 (Reuters) -Chicago Board of Trade corn futures lost ground on Tuesday after the U.S. Department of Agriculture reported 67% of the nation's crop in good to excellent condition, offsetting Monday's gains driven by the agency's lower-than-expected acreage number.
CBOT September corn CU24 settled down 5-1/2 cents at $3.77-3/4 per bushel.
Most-active December CZ24 corn ended down 4-1/4 cents at $3.97-1/4 per bushel.
The USDA's weekly crop progress and condition report, issued after trading ended on Monday, reported 67% of the nation's corn crop in good to excellent condition, unchanged from the previous week, while the trade had expected a slight decline.
The USDA forecast a 2024/25 corn crop of 15.147 billion bushels, up from last month and the July estimate. The U.S. corn crop would be the country's third-biggest ever.
USDA estimated 82.7 million acres of corn, less than analysts expected and below the July estimate, however.
Cooler weather and rains in dry areas of the U.S. Midwest are expected to reduce dryness and extend beneficial crop weather, according to analysts.
The USDA reported exporters had sold 137,160 tons of corn to Mexico.
Reporting by Renee Hickman;
Editing by Sandra Maler
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