CBOT Grains Close Lower Across the Board, Pressured by Oil Prices and Improving Midwest Weather
Commodity
Grain futures on the Chicago Board of Trade closed lower across the board on Tuesday, pressured by falling oil prices and an improving weather outlook for growing areas in the US Midwest. December corn fell 7.00 cents, or 1.48 percent, to settle at 4.6550 dollars per bushel. September wheat dropped 12.50 cents, or 1.92 percent, to 6.3850 dollars per bushel. November soybeans declined 14.50 cents, or 1.22 percent, to 11.7775 dollars per bushel. Weather forecasts call for regular rainfall and moderate temperatures during the first half of August, a critical period as soybeans enter their pod-setting phase. Meanwhile, the US Department of Agriculture lowered its corn condition rating for the third consecutive week, with only 61 percent of the crop rated good to excellent, the lowest for the 31st week of the year since 2023 and below analyst expectations.
