Corn futures declined on Tuesday, heading for their first decline in five sessions, after the U.S. Department of Agriculture raised its domestic production estimate for the 2022/2023 marketing year by 45 million bushels to 14.505 billion bushels. The USDA also lifted its forecast for U.S. corn beginning stocks by 25 million bushels to 1.510 billion bushels, according to the monthly World Agricultural Supply and Demand Estimates report. The most-active December corn contract fell 38 cents, or 6%, to trade at $5.91 a bushel in Chicago. “Hot, dry weather in the corn belt for the rest of this month will be watched closely to see if buyers will step back into corn markets,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading. Meanwhile, the government agency boosted its 2022/2023 forecast for U.S. wheat supplies by 44 million bushels, but lowered its domestic soybean production estimate by 135 million bushels. September wheat traded at $8.30 1/2 a bushel, down 26 cents, or 3%. November soybeans fell 51 cents, or 3.6%, to $13.54 a bushel.
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