Soybeans climb nearly 1% on USDA crop condition report
- The most active corn futures were up 0.6% at $5.50-1/4 a bushel. Prices fell to a July 13 low of $5.32-1/4 a bushel on Monday, but closed 0.7% higher
CANBERRA: US soybean futures rose nearly 1% on Tuesday to rebound from a two-week low touched in the previous session after the US Department of Agriculture (USDA) reported that the condition of crops unexpectedly deteriorated last week.
FUNDAMENTALS
The most active soybean futures on the Chicago Board Of Trade were up 0.8% at $13.69 a bushel, as of 0056 GMT, after prices hit a July 12 low of $13.32 a bushel in the previous session.
- The most active corn futures were up 0.6% at $5.50-1/4 a bushel. Prices fell to a July 13 low of $5.32-1/4 a bushel on Monday, but closed 0.7% higher.
Soybeans slip to two-week low, corn also weakens
The most active wheat futures were up 0.4% at $6.79-3/4 a bushel, having closed 1% firmer on Monday.
The USDA said good-to-excellent ratings for corn fell by 1 percentage point to 64% in the week ended July 25, below market expectations.
The soybean crop was rated 58% good-to-excellent, down 2 percentage points from a week earlier, and behind market forecasts.
Spring wheat was rated 9% good-to-excellent, 2 percentage points lower than a week earlier and 1 percentage point below the average of analysts' forecasts.
Hot, dry weather in the US Midwest had raised concerns about the outlook for crops in the key growing region for both corn and soybeans.
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