CBOT corn ends firm on US yield worries, strong export demand

Chicago Board of Trade corn futures ended higher on Tuesday on strong export demand and as pockets of crop disease in the U.S. Midwest fueled uncertainty that the harvest would meet the U.S. Department of Agriculture's record-shattering forecast, analysts said.

• Strong exports have underpinned the corn market, offsetting supply pressure after the USDA projected U.S. farmers would harvest a record crop this autumn.

• The USDA said 1,407,050 metric tons of corn were inspected for export in the week ended August 28, near the high end of a range of trade estimates for 850,000 to 1.5 million tons.

• Traders were monitoring risks for plant diseases to limit crop yields and for a potential frost in parts of the upper Midwest this week.

• The USDA is due to update its condition rating for the U.S. corn crop in its weekly progress report later on Tuesday. Analysts, on average, expect the agency to report 69% of the crop is in good to excellent condition as of Sunday, down 2 points from a week earlier.

• CBOT December corn futures (CZ25) settled up 2-3/4 cents at $4.23 per bushel after reaching $4.23-1/2, its highest level since July 22.