CBOT corn stumbles as major crop tour shows strong yields
CHICAGO, Aug 23 (Reuters) -Chicago Board of Trade corn futures inched down on Friday on strong yield reports from a major crop tour.
Most-active December CZ24 corn ended down 2-1/2 cents at $3.91 a bushel, settling down 0.3% for the week.
A closely followed survey of Midwest production prospects estimated record corn yields this week in top producers Iowa and Illinois, though crops in Minnesota were disappointing.
After markets closed, Pro Farmer estimated a U.S. corn crop of 14.979 billion bushels, less than the 15.147 billion seen by USDA but a crop that would still be the fourth-largest ever. The tour forecast an average yield of 181.1 bushels an acre.
Weather forecasts predict a short wave of 90-degree Fahrenheit (30-degree Celsius) weather will move into the Midwest in the next week, which could threaten crops and may be adding support to corn futures, traders said.
The Canadian government on Thursday moved to end an unprecedented stoppage at the country's two largest railroads, though the Teamsters union said it would challenge the legality of the government's decision.
Reporting by Heather Schlitz; Editing by Cynthia Osterman
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