CBOT corn ticks down on crop tour's record yield prediction
CHICAGO, Aug 22 (Reuters) -Chicago Board of Trade corn futures fell on Thursday as strong results from a major crop tour reinforced expectations of bumper U.S. production, analysts said.
Most-active December CZ24 corn ended down 4-3/4 cents to $3.93-1/2 per bushel.
Midwest crop tour scouts estimated record yields in No. 2 producer Illinois and mostly above-average yields in the western third of top corn state Iowa on Wednesday. The tour will conclude on Thursday with full-state results from Iowa and Minnesota.
Net weekly old-crop U.S. corn export sales of 119,100 tons were in line with trade estimates, while new-crop sales of 1.291 million tons topped trade expectations for up to 1.025 million tons. EXP/CORN
Additionally, the USDA confirmed private sales of 110,490 metric tons of U.S. corn to Mexico and 132,000 tons to undisclosed destinations for shipment in the 2024/25 marketing year.
Reporting by Heather Schlitz; Editing by Josie Kao
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