Corn rises on US yield worries after USDA cuts crop condition
CORN•CORN•CORN•CORN•US corn futures rose after the USDA cut its crop condition rating more than expected, fueling concerns it could lower its yield outlook. The agency said farmers had harvested 23% of corn and 25% of soybeans by Sunday, and is due to update its outlooks on Friday.
US corn futures jumped Tuesday after the USDA cut its estimate of corn crops rated in good-to-excellent condition more than expected. Soybean futures also gained as recent rains slowed harvesting and raised concerns about crop quality and oil content.
Farmers had harvested 23% of corn and 25% of soybeans by Sunday, below analyst expectations and the five-year average pace. At 12:45 p.m. CDT, December corn was up 9-1/2 cents at $5.06-3/4 a bushel, while November soybeans gained 18-1/2 cents to $12.99-1/4.
Wheat rose for a fourth straight session, with December futures up 10 cents to $7.02-1/4 a bushel, as attacks on grain vessels in the Black Sea renewed concerns about export disruptions. The USDA is due to update its US corn and soybean outlooks on Friday.
