Corn Prices Bounce Back After USDA Cuts Crop Condition Rating

Corn futures on the Chicago Board of Trade (CBOT) rose after the U.S. Department of Agriculture (USDA) reduced its crop condition rating more than expected.

The USDA reported that 63% of the corn crop was rated in good-to-excellent condition as of Sunday, down from 67% the previous week.

This decline came after hot and dry weather conditions across the Midwest.

CBOT December corn () was last up 1-1/2 cents at $4.75-1/2 per bushel, with prices ranging from steady to up 2 cents per bushel overall.