CHICAGO, July 16 (Xinhua) -- Chicago Board of Trade (CBOT) corn and soybean futures fell sharply for the second straight session, amid improved crop conditions and a little wetter weather ahead.
The most active corn contract for December delivery was down 5.75 cents, or 1.27 percent to 4.4125 U.S. dollars per bushel. September wheat was down 0.25 cent, or 0.05 percent to 5.075 dollars per bushel. November soybeans were down 14 cents, or 1.52 percent to 9.06 dollars per bushel.
Hot and dry weather now affecting the U.S. Midwest has significantly pushed up CBOT futures amid concerns about possible crop damage.
According to weather forecasts, the grain belt is expected to have some showers later this week, which experts believe will, to some degree, ease the crop stress.
The U.S. Department of Agriculture (USDA) reported on Monday afternoon slightly improved corn and soybean conditions, which pressured their prices.
The USDA said that 58 percent of U.S. corn crop was in good or excellent condition as of July 14, up from 57 percent in the previous week. Soybeans rated as good/excellent were also one percentage point higher.
Another USDA report referred to lower accumulative total export volume of U.S. soybeans, which stood at 38.72 million metric tons as of July 11, well below the 50.98 million metric tons in the same period of the previous year. Enditem
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