Corn Rebounds on US Crop Rating Decline

The US corn market has rebounded from recent losses after a report from the US Department of Agriculture showed that crop ratings have declined 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 percent to $4.76 a bushel.

The US Department of Agriculture reported that 63 percent of the country's corn crop was rated in good-to-excellent condition as of Sunday, down from 67 percent a week earlier. Ratings for soybeans declined to 63 percent, from 66 percent a week earlier.

Oil prices fell 1 percent due to hopes of a diplomatic solution to the conflict and normalization of Middle East energy flows. The recent weakness in crude oil has influenced the price of agricultural products, with many being used in biofuel production.