Chicago Board of Trade (CBOT) corn, wheat and soybean futures all fell on Tuesday, pressured by historically high crop ratings and forecasts for moderating temperatures next week.
The most active corn contract for December delivery fell 14.75 cents, or 4.1 percent, to 3.485 dollars per bushel. September wheat delivery fell 11.5 cents, or 2.7 percent, to 4.18 dollars per bushel. November soybean fell 38.5 cents, or 3.6 percent, to 10.2775 dollars per bushel. Rains in recent days may help blunt the impact of the hot spell, and more normal readings are expected next week , the Commodity Weather Group said.
The U.S. Department of Agriculture late Monday rated 76 percent of the corn and 71 percent of the soybean crop as good to excellent, unchanged from the previous week and some of the highest ratings for mid-July in the last 20 years. Analysts said, corn and soybeans are in correction mode as the USDA crop report is showing no deterioration in the condition of both crops. The sentiment has turned bearish after the report, they added.
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