SINGAPORE- Chicago corn futures slid for a third consecutive session on Monday to their lowest in one week, as forecasts for beneficial rain in the US Midwest weighed on prices.
Wheat rose around 1 percent with tightening global supplies supporting prices.
“Certainly, stress on the corn crop has moderated with some rain, less heat, and less direct sunlight,” commodities research firm Hightower said in a report.
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.3 percent to $5.86-1/4 a bushel, as of 0351 GMT, having dropped to its lowest since June 16 at $5.75-1/2 a bushel earlier in the session.
Wheat added 0.9 percent to $7.53 a bushel while soybeans were largely unchanged at 13.10-1/4 a bushel.
The latest weather projections pointed to significant rain in parts of the Midwest this week, which analysts said could bolster the condition of crops before key growth stages this summer.
Lower demand for US agricultural products provided headwinds to prices.
The US Department of Agriculture on Friday said weekly export sales of corn totaled just 83,100 metric tons, near the low end of market estimates that ranged from zero to 800,000 metric tons. – Reuters
