SINGAPORE- Chicago corn futures edged higher on Tuesday after a US report pegged crop condition below market expectations, even as forecasts of improved weather kept a lid on prices.
Wheat dropped for a third consecutive session while soybeans lost more ground.
“A couple of developments tripped the market,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
“Most important has been the swing in weather forecasts for the north-west and west Midwest of the US The overall pattern for the week or so ahead is now cooler and somewhat wetter … crops in these regions were on a path to depleted soil moisture and crop stress — now those outcomes have been at least delayed.”
The most-active corn contract on the Chicago Board Of Trade (CBOT) added 0.2 percent to $6.60-1/2 a bushel, having closed down 3.7 percent in the previous session, when prices hit a June 3 low of $6.53 a bushel.
