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Corn Falls Limit Down After USDA Report
USAgNet - 08/14/2019

Chicago corn extended heavy losses on Tuesday, touching a near three-month low in the wake of the USDA's surprise move to raise its outlook for U.S. corn production.

However, soybeans, dragged lower on Monday by corn, recovered as the market shifted its attention to the agency cutting its forecast for the soybean harvest, reports Reuters.

The most-active corn contract on the Chicago Board of Trade was down 2.6% at $3.82-3/4 a bushel by 1101 GMT, after earlier touching its lowest since May 17 at $3.80-1/4. On Monday, the contract dropped by its daily limit of 25 cents, or nearly 6%, following the monthly USDA crop report and technical pressure increased on Tuesday as it opened a chart gap to the downside.

CME Group, which operates CBOT futures markets, increased the daily limit for corn to 40 cents for Tuesday's session. The USDA surprised grain markets by raising its outlook for this year's U.S. corn production as it reduced its estimate of rain-hit plantings by less than expected while increasing its harvest yield projection.

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