Grain rises in price on stock exchange after US Department of Agriculture report

Chicago corn futures ticked higher on August 10 to trade near a one-week high touched in the previous session, as concerns over hot and dry weather in parts of the US Midwest supported the market, reported from Reuters.

Wheat rose for a third consecutive session, although hopes of more grains exports from Ukraine limited gains.

The most-active corn contract on the Chicago Board of Trade (CBOT) rose quarter of a cent to $6.14-1/4 a bushel, as of 00:28 GMT, and soybeans slid 0.1% to $14.27-1/2 a bushel.

Wheat added 0.5% to $7.85-3/4 a bushel.

US weather and crop conditions are a primary concern for the market after the US Department of Agriculture (USDA) lowered its weekly soybean condition rating and cut its corn rating by more than expected.

The agency said 58% of US corn was in good-to-excellent condition, as of August 7, down 3 points from a week earlier and below the average trade estimate of 60%. Soybeans were rated 59% good-to-excellent, in line with estimates, but down a point from a week earlier.

Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on August 9 and net even in soyoil, traders said.

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