CHICAGO: Chicago Board of Trade (CBOT) corn futures sagged on Tuesday under pressure from rains that were expected to benefit crops in the Midwest and Mississippi Delta, traders said.
CBOT September corn settled down 5-3/4 cents at $4.35-1/4 per bushel. New-crop December corn fell 5-3/4 cents to $4.41-1/4.
Traders continued taking profits after the most actively traded contract ended lower on Monday in a setback from a five-year high.
Weather conditions have improved after traders worried late last week about the risk for heat and dryness to damage corn crops, analysts said.
Rain is pushing across the western Corn Belt, while remnants of Hurricane Barry are moving through Missouri and sparking scattered showers across a broad area, according to the US Department of Agriculture.
"All of the rain is providing beneficial moisture for late-developing summer crops," the USDA said in a daily weather update.
The USDA surprised traders on Monday afternoon by raising its condition rating for US corn to 58pc good to excellent in a weekly report. That was up from 57pc a week earlier and above market expectations for 56pc.
Traders are uncertain about how many acres of corn were planted and how big the autumn harvest will be following heavy rains and flooding this spring.
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