The U.S. corn crop deteriorated by the most in almost three years as a lack of rain in the Midwest is impacting yield potentials, according to USDA's weekly crop progress and condition report on Monday.
The USDA rated 64% of the U.S. corn crop in good-to-excellent condition, down 5 percentage points from a week ago and below the lowest in a range of estimates in a Reuters poll.
USDA rated 62% of the soybean crop as good-to-excellent in its first 2023 condition ratings for the oilseed, below most trade expectations.
According to reports, lower demand for U.S. grains and oilseeds, however, limited the upside potential in prices.
- Chicago corn rose 1.4% on June 5
- Wheat rose for a fifth consecutive session, climbing 2.7% on support from tightening world milling wheat supplies
The USDA said weekly export inspections of corn fell to 1.180 million tonnes from 1.346 million tonnes the prior week.
Soybean export inspections were reported at 214,247 tonnes, down 11.9% from a week earlier.