Chicago corn futures rose on Tuesday after the U.S. Department of Agriculture (USDA) said the condition of U.S. crops deteriorated last week following rain, reports Reuters.
“Corn, wheat and soybeans are being supported today by the disappointing crop condition and sowings figures from the USDA,” Matt Ammermann, commodity risk manager with INTL FCStone told Reuters. “Wheat is also underpinned by concern about the heatwave in parts of Europe.”
In its U.S. crop conditions report after the market close on Monday, the USDA said:
- 56% of the U.S. corn crop was in good-to-excellent condition
- 61% of U.S. winter wheat was in good-to-excellent condition
- 54% of U.S. soybeans were seen in good-to-excellent condition