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Chicago corn rebounds on lower crop rating; wheat, soybeans lower

Xinhua, August 19, 2015 Adjust font size:

Chicago Board of Trade corn recouped losses Tuesday as worsening U.S. crop conditions propped up the market, while wheat and soybeans settled lower.

The most active corn contract for December delivery gained 2.75 cents, or 0.73 percent, to 3.7725 U.S. dollars per bushel. December wheat delivery lost 5.75 cents, or 1.14 percent, to 4. 9875 dollars per bushel. November soybeans fell 12.75 cents, or 1. 39 percent, to 9.0425 dollars per bushel.

In its weekly crop progress report, the United States Department of Agriculture (USDA) rated 69 percent of corn as good to excellent in the week ending Aug. 16, 1 percent lower than the previous week and 3 percent lower than the year earlier.

For soybeans, the report pegged 63 percent of the soybeans as good to excellent, same as the previous week but 8 percent lower than the previous year. However, widespread rainfall in the Midwest planting areas and favorable weather forecasts over next week dragged down the crop's futures.

Meanwhile, wheat extended losses on signs of ample supply. The USDA report pegged 70 percent of the spring wheat as good to excellent, up from last week's 69 percent and 2 percent higher than the previous year. Meanwhile, 54 percent of the spring wheat has been harvested, much higher than 28 percent of the last week and 31 percent of the previous year. Enditem