SYDNEY- US corn futures edged lower as weather forecasts turned favorable, though losses were checked by a widely watched report that showed the condition of US corn crop was worse than anticipated.
Soybeans were little changed despite a bullish US Department of Agriculture condition report, while wheat firmed.
The most-active corn futures on the Chicago Board Of Trade were down 0.2 percent at $3.36-1/4 a bushel, having closed 2.4 percent lower in the previous session, when prices hit a June 30 low of $3.34-3/4 a bushel.
Referring to the expectations of favorable weather, Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia, said “The market is thus giving up on lower yield projections for the US corn and taking prices down.”
