CBOT Soars on Declining Crop Ratings

The Chicago Board of Trade (CBOT) saw a boost in soybean and corn futures on Tuesday, despite losses in crude oil and soyoil. The U.S. soybean crop was rated 63% good to excellent in the latest weekly report, down from 66% the previous week.

This decline provided support for soybean futures, with ideas that Monday's losses were overdone adding to the firmer tone. However, the weakness in crude oil due to optimism over de-escalating tensions in the Middle East tempered the advances.

Corn futures also received a boost from declining U.S. crop ratings, with 63% of the crop rated good to excellent, down four points from the previous week. The USDA announced private export sales of 197,200 tonnes of corn to unknown destinations on Tuesday.