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Corn Sinks on Crop-Boosting U.S. Weather

Soybeans shrug off confirmation of sales to China

Corn 973486 960 7201

U.S. corn futures fell on Tuesday for the first time in four sessions on better-than-expected U.S. crop conditions and as crude oil prices, which fuelled the prior session’s rally, retreated, reports Reuters.

Soybeans also declined, despite the announcement of more sales to top importer China, as forecasts for continued warm weather across much of the U.S. Midwest lessened concerns that the late-developing crop would be damaged by frost.

The USDA on Tuesday said private exporters reported the sale of 260,000 tonnes of soybeans to China. It was the third daily soy sales announcement in a row involving the world’s top importer, with total sales reaching 720,000 tonnes.

Read the full report here.

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