Corn prices fell sharply Tuesday, set to mark their lowest settlement in the month to date, after the U.S. Department of Agriculture raised its U.S. production outlook for the commodity. The USDA said it expects domestic output of nearly 14.2 billion bushels for the 2017/2018 crop year, up 32 million bushels from the forecast a month earlier. December corn fell almost 3% to $3.47 a bushel in Chicago. A settlement around this level would be the lowest since Aug. 30, according to FactSet data.
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