CBOT corn futures rally on sharply lowered supplies

USDA estimates smallest corn crop in 4 years

On the demand side, the government trimmed its soybean export projection for the 2018/19 crop year to 1.700 billion bushels from 1.775 billion a month ago amid the ongoing trade fight with China.

China's soybean imports fell 24% in May from the same month past year, customs data showed on Monday, as the ongoing Sino-U.S. trade war and deadly African swine fever checked demand.

Traders and farmers remain unsure about how many acres of corn and soy will actually be planted and how much the harvests will yield.

The reduced harvest will cut 2019/20 corn ending stocks to 1.675 billion bushels, down 23.7 percent from a year earlier and their lowest since the 2013/14 marketing year.

"It would not come as a shock for trade to quickly digest these numbers and quickly turn attention back to planting and weather for price discovery".

The most-active corn contract on the Chicago Board of Trade was down 0.5% at $4.13-1/2 a bushel by 0245 GMT, having closed the previous session unchanged.

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The CBOT's most active soybean contract fell 0.5 percent to $8.51-3/4 a bushel. Prices have since eased but farmers remain anxious that unfavorable weather will reduce harvests and their profits as the sector is grappling with a U.S.

Traders will also closely examine Monday morning's weekly USDA export inspections report.

Also on Monday, USDA reported the planting progress and crop conditions as of June 9. The agency rated 59% of the crop as good-to-excellent, ahead of market expectations.

Chicago corn futures lost ground on Tuesday as US farmers made progress in seeding the crop, although concerns over lower yields from late-planted crop limited losses.

Corn Belt weather turned drier over the weekend, which likely allowed for strong planting progress for the corn and soybeans. "Soybeans and wheat are also falling after the good assessment of USA sowing progress and crop conditions".

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