Soybeans and Corn Surge Amid Declining Crop Ratings

The soybean and corn markets saw a boost on Tuesday due to declining crop condition ratings. The U.S. soybean crop was rated 63% good to excellent, down from 66% the previous week.

This decline in ratings provided support for soybean futures at the Chicago Board of Trade, causing them to move higher despite losses in crude oil and soyoil. However, the continued weakness in crude oil due to optimism over de-escalating tensions in the Middle East tempered the advances.

Corn futures also saw an increase due to declining U.S. crop ratings, with 63% of the crop rated good to excellent, falling four points from the previous week.