CHICAGO: Chicago Board of Trade corn futures hit their lowest level in a month as improving US crop condition ratings and favorable weather outlooks supported expectations for large yields this autumn, traders said.
CBOT September corn settled down 5 cents at $3.20 per bushel while most-active December ended down 4-1/2 cents at $3.30 after dipping to $3.29, its lowest since June 29.
The US Department of Agriculture late Monday rated 72% of the US corn crop in good to excellent condition, up from 69% the previous week and above a range of trade expectations.
Forecasts called for mostly beneficial weather in the US crop belt, including welcome rains in the southern Midwest later this week.
The US biofuel industry, including producers of corn-based ethanol, may have to depend on Agriculture Secretary Sonny Perdue for aid, Senator Chuck Grassley of Iowa said, after Senate Republicans unveiled a coronavirus relief package without specific appropriations for the industry.
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