Corn hits 2-month low on crop forecasts

Corn prices fell on Monday to two-month low on forecasts for improving crop weather in South America, in addition to the lingering uncertainty over the US-China trade talks.

Weather experts forecast widespread rainfall in Brazil, Argentina and central regions of South America, which favours corn growth.

US farmers corn harvest was 77% and harvested nearly 91% of the soybean crop as of Sunday, according to a survey published by Reuters.

The lingering uncertainty about prospects for Beijing and Washington to sign the first phase of the trade deal also put downward pressure on corn prices and the overall demand on agricultural goods.

On the Chicago Board of Trade (CBOT), corn futures for December delivery fell nearly 4 cents to $3.676 a bushel, lowest price since September 18.