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SINGAPORE- Chicago corn futures bounced back on Tuesday, as the market recovered from the previous session’s lowest level since mid-July after a report pegged the condition of US crops as below-market expectations.
Wheat gained more ground on tightening global supplies.
“The USDA (US Department of Agriculture) published their weekly crop conditions report after the conclusion of Monday’s trading. The market was looking for the steady corn crop conditions,” Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia said.
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“The USDA instead reported another decline in the proportion of crops in the good or excellent categories. The decline in crop conditions suggests a positive start to trading today.”
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