Chicago corn futures edged lower on Tuesday, maintaining proximity to a six-week low following a government report highlighting a promising start to the US growing season.
Soybean futures saw a slight uptick, recovering from a one-month low. However, both corn and soybeans were kept in check by continued US planting progress and downward pressure from declining crude oil prices.
Wheat prices stabilized after hitting a two-week low as the market focused on the results of tenders by major importers Egypt and Algeria, and kept a close watch on weather conditions in Russia, a key exporter, which could affect yields.
As of 0913 GMT, the most-active corn contract on the Chicago Board of Trade (CBOT) had slipped 0.3% to $4.42 a bushel, staying close to Monday’s six-week low of $4.39.
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US Grains: Positive Outlook For Crop Progress Pushes Corn And Soy Lower