Corn ends higher despite USDA raising US yield outlook – CBOT

Chicago Board of Trade (CBOT) corn futures ended higher on Thursday, rebounding from a drop to near two-week lows after the US Department ofAgriculture (USDA) raised its estimate of the US corn crop, Reuters reported, citing traders. Wheat futures closed fractionally lower while soybeans turned up after USDA’s soy figures contained no major bearish surprises. Benchmark CBOT December corn settled up 1-1/4 cents at $4.06 per bushel, rallying after a dip to $3.97, the contract’s lowest since Aug. 30. CBOT wheat ended down 3/4 cent at $5.78-1/2 a bushel while soybeans finished up 10-1/4 cents at $10.10-3/4 a bushel. Corn futures firmed late in the session in what appeared to be technical moves, brokers said. Corn had sagged at midsession after the USDA in a monthly supply/demand report raised its estimate of the US 2024 corn yield to a record-high 183.6 bushels per acre (bpa), from 183.1 last month. Analysts surveyed by Reuters on average had expected a slight cut after a Midwest dry sp