SINGAPORE- Chicago corn and soybean futures slid on Tuesday after a weekly report from the US government showed better-than-expected conditions for both crops.
Wheat fell for a third consecutive session on increasing estimates for Russia’s production and exports.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.2 percent to $13.23-3/4 a bushel and corn fell 0.7 percent to $4.84-1/2 a bushel. Wheat gave up 0.2 percent to $6.15 a bushel.
Weekly condition ratings for the US soybean and corn crops improved in the past week more than analysts expected, US government data showed on Monday.
The US Department of Agriculture’s (USDA) weekly crop progress report rated 59 percent of the corn crop as good to excellent, up from 57 percent a week ago, while 11 analysts surveyed by Reuters on average had expected an improvement of 1 percentage point.
