Grains-Wheat eases off multi-year highs with Black Sea exports in focus

Corn was choppy as the grain was buffeted by bullish support from declining yield expectations for U.S. corn and falling condition ratings, though spillover weakness from wheat weighed on futures.

The most-traded corn contract Cv1 on the Chicago Board of Trade was up 1-1/2 cents to $5.17 a bushel as of 10:00 a.m. CT (1500 GMT). On Monday it reached $5.24-1/4, the highest since July 2023.

On Monday, the U.S. Department of Agriculture reported a steeper-than-expected decline in U.S. crop ratings, adding to concerns about harvest prospects following a widely followed Midwest field tour last week.

The U.S. Department of Agriculture said 57% of the U.S. corn crop was in good-to-excellent condition as of Sunday, down from 60% a week earlier and the lowest for this time of year since 2023. Analysts had on average anticipated a score of 59%.