Corn Rebounds as US Crop Ratings Decline Amid Heat Drought

The US Department of Agriculture reported on Monday that 63% of the country's corn crop was rated in good-to-excellent condition as of Sunday, down from 67% a week earlier.

This decline in ratings led to a rebound in Chicago corn prices on Tuesday, which rose 0.4% to $4.76 a bushel.

In contrast, soybean prices fell by a quarter of a cent to $12.13-1/2 a bushel, as oil prices dropped 1% amid hopes for a diplomatic solution to the Iran conflict and normalization of Middle East energy flows.

The market is influenced by the rapidly growing use of farm crops in biofuel production, with crude oil weakness weighing on soybean prices.