CHICAGO, July 30 (Xinhua) -- Chicago Board of Trade (CBOT) futures settled lower on Tuesday, with corn futures falling over 1 percent after a weekly U.S. Department of Agriculture (USDA) report said the U.S. crop was in better condition than analysts expected.
The most active corn contract for December delivery was down 6 cents, or 1.41 percent to 4.21 U.S. dollars per bushel. September wheat was down 6.25 cents, or 1.24 percent to 4.9725 dollars per bushel. November soybeans were down 7.5 cents, or 0.83 percent to 8.9675 dollars per bushel.
U.S. corn was rated 58 percent good or excellent as of Sunday, up from 57 percent the previous week, according to the crop progress report released on Monday by the USDA. The figure is still below the 72 percent that earned top ratings at this time last year.
About 54 percent of soybeans were in good or excellent condition at the start of the week, the government said in its report. That's unchanged week on week.
Just 57 percent of the crop is blooming, behind the average of 79 percent; 21 percent is setting pods, less than half the normal 45 percent for this time of year, the USDA said.
Traders are on edge about the crop's size and condition after heavy rains caused unprecedented planting delays this spring. They are waiting for the USDA to issue updates on how much corn and soybeans were planted in a crop acreage report next month. Enditem
Latest comments