Chicago Board of Trade (CBOT) corn futures rose on Tuesday on possible US crop problems but remained stubbornly range-bound because of conflicting market cues that have left the market uneasy for weeks, traders said. CBOT September corn settled up 3-1/4 cents at $4.25-1/2 per bushel. New-crop December corn rose 4-3/4 cents to close at $4.31-1/2 a bushel.
Corn futures found underlying support from weather forecasts of above-normal temperatures returning to much of the US Midwest next week, as well as a slight drop in corn conditions late Monday, traders said. The US Department of Agriculture reported that 57% of US corn was in good to excellent condition, down from 58% last week and below analyst expectations that it would stay at 58%.
Traders also said they are closely watching the results of USDA's resurvey this month of crop acreage in 13 states for corn and 14 states for soyabeans. The survey is expected to wrap up this week and its findings are expected to be factored into the USDA's Aug. 12 supply and demand report. Corn and soyabean futures saw a flurry of midday trading, after Agriculture Secretary Sonny Perdue announced that the US government will pay farmers hurt by President Donald Trump's trade war with China a minimum of $15 per acre under an aid package to be unveiled before the end of this week.

Copyright Reuters, 2015

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