Favorable US crop weather weighs on corn and soy futures

CHICAGO: Chicago Board of Trade corn and soybean futures declined on Tuesday on expectations for favorable US weather, analysts said.

Traders monitored weather conditions as farmers were finishing up springtime plantings of both crops. The US Department of Agriculture is slated to issue an update on plantings and the emergence of the crops in a weekly progress report due after trading ends. “We have had recent rains that are positive here for the last couple of weeks,” said Rich Nelson, chief strategist for commodity firm Allendale. Nelson added that he would watch to see whether dryness develops by the end of the week.