CBOT corn futures fall to 3-week low

CHICAGO: US corn futures fell to a three-week low on Tuesday after the US Department of Agriculture (USDA) unexpectedly raised its crop condition rating and as US weather remained mostly favorable to crops, traders said.

Chicago Board of Trade July corn ended down 3-1/4 cents at $3.25 per bushel after earlier hitting its lowest since June 3. The contract broke through chart support at its 50-day moving average, but closed above the key technical level.

Favorable rains around the US Midwest and forecasts for more eased some crop concerns following a stretch of dry weather.