Corn Prices Rebound on Lower US Crop Ratings

Corn futures rebounded on Tuesday after the US Department of Agriculture reported lower crop ratings due to hot and dry weather.

The most-active soybean contract on the Chicago Board of Trade fell by a quarter of a cent to $12.13-1/2 a bushel, while corn gained 0.4% to $4.76 a bushel.

Ratings for both crops were below analyst estimates, with 63% of the country's corn crop rated in good-to-excellent condition as of Sunday, down from 67% a week earlier.

The decline in US crop ratings is seen as a supporting factor for prices, but weaker oil prices are dampening sentiment.