Grains-Chicago wheat edges lower but Black Sea export threat looms
WEAT•Broader market backdrop
Asian markets made cautious gains at the start of trading as investors followed a global rally, with oil prices holding near the lowest levels in weeks as the U.S.-Iran conflict remained at a stalemate. MKTS/GLOB
(Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips)
Corn rises after USDA crop rating cuts
CBOT corn Cv1 edged 0.2% higher to $4.73-1/2 a bushel after rising 1.8% in the previous session.
In corn, the USDA lowered its condition rating on Monday for the U.S. crop for a third consecutive week following hot, dry weather in the Midwest. It said 61% of corn was in good-to-excellent condition, as of Sunday, down from 63% a week earlier.
For both soy and corn it was the lowest good-to-excellent rating for this time of the season in three years.
Soybeans slip despite export sales and China purchases
Soybeans Sv1 slipped 0.3% to $11.89-1/4 a bushel.
The USDA kept its soybean condition rating unchanged at 63% good to excellent.
Soybeans inched lower, with a hot streak of U.S. export sales undercut by ample supply.
The USDA also confirmed Chinese purchases of nearly half a million tons of U.S. soybeans.
Brazil's 2026/27 soybean crop is expected to reach a record 183.1 million metric tons, up from the 182.6 million tons estimated for the previous season, brokers StoneX said on Monday.
