SINGAPORE (Reuters). — Chicago corn futures lost more ground on Tuesday, dropping to their lowest in almost a week as improved US crop ratings and expectations of more beneficial weather pressured prices.
Wheat fell, while soybeans were largely unchanged.
“US corn crop is in good shape as the weather has been pretty favorable,” said one agricultural broker. “Expectations of bumper production from the US are going to keep pressure on prices.”
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.2 percent to $4.20 a bushel as of 0252 GMT, have dropped to its lowest since July 2 at $4.19 a bushel.
Soybeans added 0.2 percent to $10.23 a bushel and wheat slid 0.5 percent to $5.46 a bushel.
The US Department of Agriculture (USDA) said after trading ended that 74 percent of the nation’s corn crop was in good or excellent condition, up one percentage point from a week earlier.
Rains have benefited the US Plains and western Midwest, and boosted soil moisture in Iowa, according to weather firm Vaisala.
Temperatures will be near normal in most areas this week, the firm said, favoring the corn crop during the critical pollination period of development.
