CHICAGO: Chicago Board of Trade corn futures dropped on Tuesday on expectations for beneficial rains in crop-growing areas, traders said.
CBOT July corn was down 6-1/4 cents at $3.27-1/2 a bushel at the close.
Rain associated with tropical depression Cristobal is bringing rain to Missouri and other parts of the Corn Belt, according to forecasters.
The US Department of Agriculture rated 75% of the US corn crop in good to excellent condition in a weekly crop progress report issued after the market closed on Monday. That was up 1 percentage point from a week ago and in line with the average estimate in a Reuters analyst poll.
Conab lowered its estimate for Brazil's total 2019/2020 corn crop to 100.993 million tonnes from 102.337 million in May.
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