Corn futures at the Chicago Board of Trade were lower early on Tuesday on better-than-expected rainfall in the dry eastern US Midwest crop region, especially in key corn state Illinois, traders said.
At 10 am CDT (1500 GMT), corn was down 2 to 9-1/2 cents per bushel, with July down 9-1/2 at $4.06-1/2 per bushel. New-crop December was down 7 at $4.16-1/2. "With a little more rain falling yesterday than expected, and a little more in the forecast, you're going to temporarily slow the decline in soil moisture," said Mike Palmerino, a forecaster with DTN Meteorlogix.
Hot and dry weather in the eastern Midwest has been cutting into the condition of the US corn crop and the US Agriculture Department late on Monday lowered the US corn crop rating to 70 percent good-to-excellent, compared with 77 percent a week ago. Oat futures were down 10-1/2 to 12-1/2 cents per bushel, with July down 11-3/4 at $2.77-1/4.
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