Corn rebounds as heat dents US ratings, soybeans down

The most-active soybean contract on the Chicago Board of Trade Sv1 fell by a quarter of a cent to $12.13-1/2 a bushel, as of 0323 GMT, and corn Cv1 gained 0.4% to $4.76 a bushel.

Wheat Wv1 rose 0.3% to $6.61-3/4 a bushel.

The U.S. Department of Agriculture said after the market closed on Monday that 63% of the country's corn crop was rated in good-to-excellent condition as of Sunday, down from 67% a week earlier.

Ratings for soybeans declined to 63%, from 66% a week earlier, it said. Ratings for both crops were below the average analyst estimate.

Oil prices fell 1% as market participants continued to weigh a pause in U.S. strikes on Iran, which has raised hopes of a diplomatic solution to the conflict and normalisation of Middle East energy flows. O/R

Chicago corn rose on Tuesday, recouping some of the previous session's losses after a U.S. government report lowered crop ratings following hot and dry weather, while soybeans eased, tracking losses in oil prices.

Wheat prices inched higher amid disruptions to grain shipments from the Black Sea region.

"U.S. crop ratings have declined which is (a) bit of (a) supporting factor for prices, but weaker oil is dampening the sentiment," said a grains trader in Singapore.

Soybeans and corn fell sharply on Monday, tracking weakness in crude oil. Prices of agricultural products are often influenced by energy markets, with the rapidly growing use of farm crops in biofuel production.