SINGAPORE- Chicago corn futures gained more ground on Tuesday, as the US crop condition declined due to adverse weather in parts of the Midwest.
Wheat prices fell after Monday’s rally, while soybeans ticked higher.
“Corn market has risen as there are concerns over adverse weather in the US Midwest,” said one Singapore-based trader. “But we don’t see a big upside in prices, unless the adverse weather continues.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.1 percent to $4.21 a bushel, having climbed more than 3 percent in the last session.
Wheat fell 0.4 percent to $5.87-3/4 a bushel, while soybeans climbed 0.2 percent to $11.13 a bushel.
The condition of the US corn crop deteriorated in the latest week while national soybean ratings held steady after floods swamped portions of the northwestern Midwest, US government data released on Monday showed.
The US Department of Agriculture (USDA) rated 67 percent of the corn crop as good to excellent in its weekly crop progress report, down 2 percentage points from a week ago.
Analysts surveyed by Reuters on average had expected a 1-point decline.
