Investing.com - U.S. grain futures were mostly lower on Tuesday, with corn prices falling more than 1% as investors focused on U.S. weather and crop prospects in the U.S. Midwest and Great Plains-region.
On the Chicago Mercantile Exchange, corn futures for September delivery traded at USD5.3438 a bushel, down 1% on the day.
The September contract fell by as much as 1.1% earlier in the session to hit a daily low of USD5.3413 a bushel, the weakest level since July 18.
Weather forecasting models pointed to cooler temperatures across most parts of the U.S. Midwest during the next few days, easing concerns over potential crop damage.
The U.S. Department of Agriculture said on Monday that 63% of the U.S. corn crop was rated in 'good' to 'excellent' condition as of July 21, down from the 66% recorded in the preceding week.
Nearly 11% of the corn crop was in 'poor' to 'very poor' condition, up from 9% a week earlier.
On Monday, Wall Street investment bank Goldman Sachs said it was maintaining its 12-month forecast for corn at USD4.75 a bushel, as a recovery in U.S. production replenishes inventories.
Meanwhile, soybeans futures for August delivery traded at USD15.1963 a bushel, little changed on the day.
The August contract held in a range between USD15.0463 a bushel, the daily low and a session high of USD15.2613 a bushel, the strongest level since June 18.
The USDA said Monday that approximately 46% of the U.S. soy crop bloomed as of last week, up from 26% in the preceding week but significantly below the 78% recorded in the same week a year earlier.
The report also showed that nearly 64% of the soy crop was in 'good' to 'excellent' condition as of last week, down from 65% a week earlier.
Goldman's 12-month price estimate for soybeans is USD11 a bushel.
Elsewhere on the CBOT, wheat for September delivery traded at USD6.5363 a bushel, down 0.8% on the day.
The September contract fell by as much as 1% earlier in the session to hit a daily low of USD6.5263 a bushel, the lowest level since July 2.
The USDA said that nearly 75% of the winter-wheat crop was harvested as of last week, up from 67% a week earlier and in line with the five-year average of 76% for this time of year.
Goldman Sachs expects wheat prices to average USD6.50 a bushel over the next 12 months.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
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