Corn Prices Rebound After USDA Downgrades Crop Condition Rating

Corn prices rebounded on Tuesday after the US Department of Agriculture (USDA) downgraded its crop condition rating, surpassing analysts' expectations.

The USDA reported that 63% of the corn crop was rated in good-to-excellent condition as of Sunday, a decline from 67% the previous week and below the average analyst estimate of 65% good to excellent.

The reduced crop rating was attributed to hot and dry weather conditions across the Midwest, but forecasters predict cooler and wetter weather is on its way after the weekend's heat.

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