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Commodities

CBOT Soybeans and Corn Rise on Declining Crop Ratings

Guavy AI Editorial Team
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Oil Corn
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Soybean futures at the Chicago Board of Trade (CBOT) surged on Tuesday despite losses in crude oil and soyoil, thanks to declining condition ratings.

The US soybean crop was rated 63% good to excellent in the latest weekly report, down from 66% the previous week. This slight decline in ratings provided support for soybean futures.

Corn futures also rose due to the decline in US crop ratings. The US corn crop was rated 63% good to excellent, a four-point drop from the previous week.

The USDA announced private export sales of 197,200 tonnes of corn to unknown destinations, which added to the bullish sentiment for corn futures.

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