Corn drops, soybeans ease

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    SINGAPORE- Chicago corn futures slid, giving up some of the previous month’s strong gains after the US Department of Agriculture (USDA) said the condition of crops was better than expected, easing concerns over yield losses.

    Soybeans eased for the first time in seven sessions, while wheat rose for a second straight day.

    “The rally in corn prices was largely fund driven,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. “The world has plenty of corn, there are no shortages.”

    The most-active corn contract on the Chicago Board Of Trade was down 0.8 percent to $3.55 a bushel, near the session low of $3.51 a bushel – the weakest since Aug. 25. Corn gained more than 9 percent in August.

    Soybeans fell 0.1 percent to $9.53 a bushel and wheat added 0.2 percent to $5.53-1/2 a bushel.