CBOT corn rises on wheat spillover, US crop condition worries

CHICAGO, Aug. 3 (Reuters) - Chicago Board of Trade corn turned higher on Monday, bolstered by spillover support from the wheat market and growing concerns over U.S. crop conditions, according to analysts.

• The U.S. Department of Agriculture is expected to hold its condition rating for the nation's corn steady in a weekly report on Monday as rains stabilized the crop after hot, dry Midwest weather dragged down ratings a week earlier, according to a Reuters poll of 10 analysts. If realized, the soybean and corn conditions would be the lowest for the 31st week of the year since 2023, according to USDA data.
• Most-active December corn CZ26 finished 8-1/2 cents higher at $4.72-1/2 a bushel.
• Rain forecast for the U.S. Midwest on Friday and the weekend was expected to limit dryness stress to around 15% of the corn and soybean crop in the region, according to forecaster Commodity Weather Group.
• But the concern now is that the areas that most needed the rain - specifically the western portion of the U.S. Corn Belt - may not have received as much as was hoped for, traders said.