July 22, 2024

Maize recovers in Chicago with U.S. harvest progress; Soy stands firm

2 min read
Maize recovers in Chicago with U.S. harvest progress;  Soy stands firm

Corn crop in Lucas do Rio Verde (MD)

War Christopher Waljasper

CHICAGO (Reuters) – Maize trading in Chicago fell behind for a fourth session on Tuesday, as harvest progress in the United States put pressure on the market, while interruptions following the dollar recovery and Hurricane Ida reduced export opportunities.

Wheat followed the corn fall under pressure from the foreign market.

The most active corn deal at the Chicago Chamber of Commerce closed at 4.75 cents and was at $ 5.17 per bushel.

Wheat was down 10.50 cents a bushel at $ 6,9025.

Soybeans closed at $ 11.50 a dollar, down $ 12.74 to $ 12,5750, the lowest level since June 18.

The U.S. Department of Agriculture (USDA) said the country’s corn crop was up 10% after the market closed on Monday, well above the five-year average of 9% this year.

In addition, the USDA increased its maize soybean rating from 1% to 58%, up 1% from the previous week, while 59% of the U.S. maize crop was in good condition. Analysts, on average, did not expect any change in ratings.

(Christopher Waljasper; additional report by Gus Trombis in Paris and Naveen Thugral in Singapore)


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