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Corn rebounds from near 2-week low on USDA crop condition report

06/14/2021 | 09:50pm EDT

CANBERRA, June 15 (Reuters) - U.S. corn futures edged higher on Tuesday, rebounding from a near two-week low touched in the previous session, after the U.S. Department of Agriculture pegged the condition of crop below market expectations.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade were up 0.2% at $6.61-1/4 a bushel, as of 0134 GMT, having closed down 3.7% in the previous session, when prices hit a June 3 low of $6.53 a bushel.

* The most-active soybean futures were up 0.2% at $14.75 a bushel, having closed down 2.4% on Monday, when prices hit an April 21 low of $14.55 a bushel.

* The most-active wheat futures were down 0.8% to $6.69-3/4 a bushel, having closed down 0.9% on Monday.

* The USDA rated 68% of the U.S. corn crop as good to excellent, down 4 percentage points from the previous week.

* The USDA rated 62% of the soy crop as good to excellent, down 5 percentage points.

* Analysts on average had expected a ratings decline of only 3 points for corn and 2 points for soybeans.

* The weather outlook for the U.S. Midwest sees cooler temperatures and rains late this week, aiding crops.

* The U.S. winter wheat harvest is off to a slow start. The USDA said 4% of the crop had been cut by Sunday, behind the average analyst estimate of 10%.

MARKET NEWS

* The dollar hovered below a one-month high compared with major peers on Tuesday ahead of a much-anticipated Federal Reserve meeting that could signal a change in the outlook for U.S. monetary policy.

* Oil prices ended mostly unchanged on Monday, after hitting their highest levels in more than two years, as growing U.S. crude production and Britain's delayed COVID-19 reopening dampened expectations for fuel demand growth and tighter supplies.

* Global stock markets were mixed while U.S. Treasury yields ticked up on Monday, as investors waited for the results of a Federal Reserve policy meeting before making any major new bets.

(Reporting by Colin Packham; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -3.06% 547.25 End-of-day quote.16.63%
S&P GSCI CORN INDEX -0.73% 448.5036 Delayed Quote.17.25%
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