Corn rises as US crop condition ratings decline more than expected

Business Recorder reported that Chicago corn futures rose on Tuesday and held close to the three-year high reached in the previous session. The gains followed US crop condition ratings that fell further than most analysts had projected. Those weaker assessments were the backdrop for the upward move.

Wheat prices were flat but stayed near a two-year peak touched on Monday. Traders weighed remarks from Ukrainian President Volodymyr Zelenskiy, who said a diplomatic track with Russia would be pursued over strikes that have disrupted shipments from the Black Sea.

Soybeans edged lower as analysts pointed to rumours that the US government could exempt oil refiners from renewable fuel blending rules to a greater degree than expected. Such a move would reduce demand for biofuels made partly from soybean oil.