Grain futures mixed; Corn declines as U.S. weather improves

Investing.com - U.S. grain futures were mixed on Monday, as market players continued to monitor weather conditions across grain-growing regions in the U.S. Midwest and in the Great Plains.Market players were looking ahead to the release of the U.S. Department of Agriculture's updated crop rating report later in the day.On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD5.4125 a bushel, down 0.35% on the day. The September contract fell by as much as 1.2% earlier in the session to hit a daily low of USD5.3650 a bushel.Weather forecasting models pointed to rainfall across most parts of the U.S. Midwest during the next few days, easing concerns over potential crop damage.The USDA said last week that 66% of the U.S. corn crop was rated in ‘good' to ‘excellent' condition, down from the 68% recorded in the preceding week.Nearly 9% of the corn crop was in ‘poor' to ‘very poor' condition, up from 8% a week earlier. Meanwhile, soybeans futures for August delivery traded at USD15.0175 a bushel, up 0.75% on the day. The August contract rose by as much as 0.9% earlier in the day to hit a session high of USD15.0213 a bushel, the strongest level since June 21.According to the USDA, approximately 26% of the U.S. soy crop bloomed as of last week, significantly below the 63% recorded in the same week a year earlier.The agency also said that nearly 65% of the soy crop was in ‘good' to ‘excellent' condition as of last week, down from 67% in the preceding week.Elsewhere on the CBOT, wheat for September delivery traded at USD6.6663 a bushel, up 0.4% on the day. The September contract traded in a range between USD6.6088 a bushel, the daily low and a session high of USD6.6725 a bushel.The USDA said that nearly 67% of the winter-wheat crop was harvested as of last week, compared to 81% harvested in the same week a year earlier and below the five-year average of 71% for this time of year.Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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