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Jul 18, 2013, 03.28 PM IST | Source: Investing.com

Grains edge lower; Corn hits 2-week low as U.S. weather improves

Grains edge lower; Corn hits 2-week low as U.S. weather improves

Investing.com - U.S. grain futures edged lower on Thursday, with corn prices falling to a two-week low as updated weather forecasts eased concerns over potential crop damage.

On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD5.3488 a bushel, down 0.6% on the day.

The September contract fell by as much as 1% earlier in the session to hit a daily low of USD5.3313 a bushel, the weakest level since July 8.

Weather forecasting models pointed to rainfall across most parts of the U.S. Midwest during the next few days, helping ease concern over U.S. crop prospects.

The U.S. Department of Agriculture said that 66% of the U.S. corn crop was rated in ‘good' to ‘excellent' condition as of last week, 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.

Concerns over dry weather conditions in the U.S. Corn Belt helped fuel gains earlier in the week.

Meanwhile, soybeans futures for August delivery traded at USD14.7263 a bushel, down 0.3% on the day.

The August contract was stuck in a range between USD14.7025 a bushel, the daily low and a session high of USD14.7738 a bushel.

The oilseed was lower on cooler, wetter weather forecast for the Farm Belt next week.

According to the USDA, approximately 26% of the U.S. soy crop bloomed as of last week, 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 USD6.6488 a bushel, little changed on the day. The September contract traded in a range between USD6.6213 a bushel, the daily low and a session high of USD6.6563 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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