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CBOT corn futures rebound over poor rating, bargain buying

2019-07-03 05:40

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CHICAGO, July 2 (Xinhua) -- Chicago Board of Trade (CBOT) corn futures rose on Tuesday, due to poor U.S. crop rating and bargain buying.

The most active corn contract for December delivery was up 3.5 cents, or 0.83 percent at 4.26 U.S. dollars per bushel. September wheat was down 8.5 cents, or 1.66 percent to 5.0325 dollars per bushel. November soybeans were down 9.75 cents, or 1.07 percent to 8.9875 dollars per bushel.

The U.S. Department of Agriculture on Monday released its updated crop progress report, showing that only 56 percent of U.S. corn crops were rated as good/excellent by the week ending June 30, 20 percentage points lower than last year and the same as the previous week.

Bargain hunting after four day losses in a row also supported the corn futures, said market followers.

Accelerating harvest of U.S. winter wheat continued to pressure the grain prices while soybeans extended losses on favorable weather.

"As far as soybeans are concerned, down a little bit here today again, weather is the big player there. With warmer weather, it looks like we can get some very last minute soybean planting done at this point," said Ted Seifried, market analyst of Zaner Ag Hedge. Enditem

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