Investing.com - U.S. corn futures fell to a four-month low on Tuesday, amid growing optimism over the health of the U.S. corn crop.
On the Chicago Mercantile Exchange, U.S. corn for July delivery slumped to a session low of $4.3940 a bushel, the weakest level since February 2, before trimming losses to last trade at $4.3988 during U.S. morning hours, down 0.26%, or 1.12 cents.
The July corn contract lost 1.34%, or 6.0 cents, on Monday to settle at $4.4100 after the U.S. Department of Agriculture said that nearly 76% of the U.S. corn crop was rated “good” to “excellent” as of June 15, the best mid-June rating for the crop since 1994.
Elsewhere on the CBOT, U.S. wheat for July delivery eased up 0.3%, or 1.73 cents, to trade at $5.8313 a bushel. Wheat prices slumped to $5.8020 on Monday, the lowest since February 10, before settling at $5.8100, down 0.85%, or 5.0 cents.
Wheat prices have been under heavy selling pressure in recent weeks as market players liquidated long positions amid easing concerns over tightening supplies.
Meanwhile, U.S. soybeans for July delivery shed 0.36%, or 5.08 cents, to trade at $14.1613 a bushel. The July soybean contract fell 0.28%, or 4.0 cents, on Monday to settle at $14.2160.
According to the USDA, nearly 92% of the U.S. soybean crop was planted as of last week, up from 87% in the preceding week and above the five-year average of 90% for this time of year.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.