On June 13, according to media reports, US corn futures fell slightly on Tuesday as traders took profits. Earlier corn futures rose on concerns about crop stress due to drought in the U.S. Midwest crop belt.
Wheat prices fell, snapping a three-session winning streak, while soybeans edged higher.
The crop rating released by the US Department of Agriculture (USDA) on Monday showed that the good-to-excellent rate of US corn was 61%, down 3 percentage points from a week ago, and lower than the average of analysts’ estimates.
At the same time, the U.S. Department of Agriculture downgraded the U.S. soybean crop rating. As of the week of June 4, U.S. soybeans had an excellent to good rate of 62%, which was lower than market expectations of 65%.
Separately, U.N. Secretary-General Antonio Guterres said on Monday he was concerned that Russia would withdraw on July 17 from a deal that would allow the safe export of grain and fertilizer from three Ukrainian Black Sea ports.
