CBOT corn ticks up on USDA crop data

Chicago Board of Trade corn futures headed up on Tuesday as the U.S. Department of Agriculture gave the nation's corn crop lower-than-expected condition ratings, following a hot weather spell.

• Most-active December corn CZ26 finished 6-1/2 cents higher at $4.80-1/2 a bushel.
• The USDA said 63% of the corn crop was rated in good-to-excellent condition as of Sunday, down from 67% a week earlier and below the average analyst estimate for 65% good to excellent.
• Market players shrugged off a drop in oil prices, which corn futures are often tied to because of its use in the production of biofuels.
• Oil prices dropped 5% on Tuesday to a two-week low, on cautious hopes for a resolution to the Iran war as traders assessed developments in the Middle East. O/R