SINGAPORE – Chicago corn and soybean futures rose on Tuesday after a U.S. government report showed that condition of both crops suffered amid hot and dry weather, with prices recovering from last session’s losses.
Wheat rose for the first time in five sessions as uncertainty over supplies from the Black Sea region underpinned prices.
“There are forecasts of improved weather for the US Midwest but there could be yield losses from heat the crop has already suffered in the last few weeks,” said one Singapore-based trader.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.2 percent at $5.14 a bushel, soybeans added 0.6 percent to $13.39-1/2 a bushel. Wheat climbed 0.8 percent to $6.70-3/4 a bushel.
Good-to-excellent ratings for the US corn, soybean and spring wheat crops fell by more than expected in the past week as temperatures across the Midwest soared to the hottest of the summer.
