Corn Eases as Traders Await USDA Crop Forecast

Corn futures fell toward $5 a bushel, pressured by a stronger US dollar and caution ahead of the USDA’s monthly WASDE report due Friday. Prices surged to a one-week high on Tuesday after weekly USDA data showed corn harvest progress and crop conditions below market expectations. Only 23% of the US crop had been harvested by October 4, below the 27% five-year average and 26% expected by analysts; while the good-to-excellent crop rating also fell to 54% from 57% a week earlier, as heavy Midwest rainfall delayed fieldwork. Meanwhile, hot, dry weather earlier in the summer and heavy September rains have added uncertainty over yields and harvest potential, encouraging a wait-and-see approach ahead of Friday’s forecast.