MUMBAI- US corn and soybean futures edged higher on Thursday as concerns of dry weather conditions in the Midwest curbed crop prospects, while wheat fell on profit-taking.
The most active corn on the Chicago Board of Trade (CBOT) rose 0.33 percent to $6.09-3/4 a bushel.
“Sentiment in the trade is leaning in favor of the corn crop ultimately exiting the cooler and wetter pattern and shifting back into a hot and dry pattern,” commodities research firm Hightower said in a note.
Late on Monday, the rated 61 percent of the US corn crop and 59 percent of the soybean crop as good-to-excellent, each down 3 percentage points from the prior week, while analysts on average had expected a 2-point drop.
The soybean contract was up 0.11 percent at $13.89-3/4 a bushel, while wheat lost 0.12 percent to $6.29-1/2 a bushel on profit-taking.
