JAKARTA- Chicago corn futures fell for a sixth consecutive session on Tuesday to their lowest levels in six weeks, amid mixed reports about the US crop, while Brazil’s output was seen lower than previous estimate.
Wheat slid for a fifth session despite concerns of supply constraint in Russia.
Soybean inched higher after a five-session slide amid expectations of lower harvests in Brazil and the European Union.
“Better-than-expected corn conditions, and rapid seeding progress had all led to a fall in pricing,” said Andrew Whitelaw at agricultural consultants Episode 3 in Canberra.
The US Department of Agriculture (USDA) rated 75 percent of the US corn crop as good-to-excellent in its first condition ratings for the 2024 crop, up from 64 percent a year earlier.
Meanwhile, US Crop Watch producers rated their corn health below that of recent years due to wet conditions during and after planting, though soybeans are doing relatively better.
