Corn Prices Rise After USDA Cuts Crop Condition Rating

Corn futures on the Chicago Board of Trade (CBOT) traded higher on Tuesday after the U.S. Department of Agriculture (USDA) reduced its crop condition rating more than analysts 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 figure came in below the average analyst estimate of 65% good to excellent.

The decline followed hot and dry weather conditions across the Midwest, but forecasters said cooler and wetter weather is expected across much of the region following hot conditions over the weekend.