US Ag Markets Rebound on Crop Rating Report

The US agricultural markets rebounded on Tuesday after a report from the US Department of Agriculture showed that crop ratings for corn and soybeans had declined due to hot and dry weather.

Despite oil prices falling 5% to a two-week low, Chicago corn futures gained 6.5 cents to $4.80-1/2 per bushel, while soybean futures rose 6.14 cents to $12.20 per bushel.

The US Department of Agriculture reported that 63% of corn crops and 63% of soybeans were rated as good-to-excellent condition on Sunday, down from 67% and 66% respectively the previous week.