CHICAGO: Chicago Board of Trade corn futures dropped 2.8% on Wednesday, pressured by a government report that showed the condition of the US crop was better than expected, traders said.
Wheat futures were mixed, with contracts that track US winter wheat falling while spring wheat contracts rallied to a four-year high on concerns about dry condition in the northern US Plains.
Soyabeans were firm, following a run-up in soyaoil prices that stemmed from concerns about global edible oil supplies.
At 11:23 a.m. CDT (1623 GMT), CBOT July corn futures were down 19-1/4 cents at $6.69-1/2 a bushel.
The US Department of Agriculture on Tuesday rated 76% of the US corn crop as good-to-excellent in its first condition ratings for the 2021 crop, above the average estimate of 70% in a Reuters analyst poll.
“The ratings for the corn came in well above estimates,” said Ed Duggan senior risk management specialist at Top Third Ag Marketing. “That has kind of weighed on things.” Traders also noted some profit-taking in the corn market following a rally of 4.9% on Tuesday that pushed prices for the most-active contract to the highest since mid-May.
CBOT July soft red winter wheat was down 10-1/2 cents at $6.83 and K.C. hard red winter wheat was down 10 cents at $6.27-1/2. But MGEX spring wheat futures for July delivery were 8-1/2 cents higher at $7.80, peaking at the highest on a continuous basis for the front-month contract since June 11, 2017.
USDA said that good-to-excellent ratings for spring wheat fell to 43% from 45% a week earlier. A year ago, the crop was rated 80% good to excellent.
“It is still extremely hot up in the Dakotas with limited rain,” said Greg Grow, director of agribusiness at Archer Financial Services.
CBOT July soyabean futures were up 4-1/4 cents at $15.52-3/4.