Corn futures close lower after USDA report

Corn prices fell on Wednesday, after the release of the US Department of Agriculture's report, amid broad anticipation for updates on the US-China trade talks.

The US government kept corn and soy harvest estimates in key producers, led by Argentina and Brazil, unchanged from previous forecasts.

The US Department of Agriculture showed in its monthly demand report that it still estimates that Argentina corn production will total 50 million tonnes in 2019/20 crop season, and Brazil corn production is expected to reach 101 million in same period.

The US and China haven't yet reveal the outcome of their intensive trade talks, while the deadline for the next tariffs hike approaches, which is due Dec.15.

White House economic advisor Larry Kudlow said that the US Dec. 15 tariffs on China are still "on the table" and could go back into place if no trade agreement is reached.

As for trading, corn futures (March delivery) fell 1.5% to close at $3.71 per bushel, and hit an intraday high of $ 3.77 and a low of $3.71.