SINGAPORE- Chicago corn futures lost ground on Tuesday after a weekly US government report showed improvement in crop condition following rains in the Midwest grain belt, while soybeans ticked higher.
Wheat prices rose for the first time in four sessions, led higher by concerns over tightening global supplies.
“US weather over the next few weeks is key to determining soybean and corn yields and can improve production prospects,” said Pranav Bajoria, a director at Singapore-based brokerage Comglobal.
The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.2 percent to $4.98-1/2 a bushel, and soybeans rose 0.5 percent to $13.52-1/2 a bushel.
Wheat added 0.5 percent to $6.49-1/4 a bushel.
Corn ratings improved to 55 percent in good-to-excellent condition from 51 percent last week and above the average expectation in a Reuters survey for 53 percent. – Reuters
