US corn futures pulled back on profit-taking and improved weather early on Monday, after a four-day rally pushed the market to the brink of $8 a bushel last week, an all-time high price. Commodity funds appeared to be booking profits after the spot corn contract at the Chicago Board of Trade hit a record $7.99-3/4 a bushel on Friday, just one tick away from the $8 threshold.
In a weekly crop progress report, due after the CBOT close, analysts expect the US Department of Agriculture to show that 68 percent of the corn crop was rated in good to excellent condition, up from 67 percent a week ago, a Reuters survey showed.
As of 11:20 am CDT (1620 GMT), CBOT July corn was down 7-1/2 cents at $7.79-1/2 per bushel, its biggest single-day decline in a week. Soyabeans followed corn lower, falling for a third straight day, with July down 3-1/4 cents at $13.84 per bushel. US soyabean stocks are not as tight as corn, and the US government last week raised its projections of soy inventories. CBOT July wheat was down 7-3/4 cents at $7.51-1/2 per bushel, as the trade eyed welcome rains in Europe.
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