Corn, soybeans fall on dry weather forecast; wheat eases

Business Recorder reported that Chicago corn and soybeans lost ground on Tuesday, reversing part of Monday's advance. Forecasts of dry weather in the US Midwest are expected to speed up a harvest that trails its usual pace. Corn futures in Chicago, the most actively traded contract, were 0.1% lower at $4.96-3/4 a bushel as of 0359 GMT, while soybeans shed 0.2% to $12.78-1/2 a bushel.

US Department of Agriculture figures released Monday showed growers had brought in 23% of the corn and 25% of the soybean crop, both below the five-year average pace. Rain has held back progress in parts of the western Midwest, particularly Iowa, yet forecasts point to dry conditions across much of the central US this week. Analysts said the drier spell could help the harvest move faster.

Wheat slipped 0.2% to $6.91 a bushel, though disruption to supplies linked to the Russia-Ukraine war kept losses limited. Prices have drawn support in recent weeks from that conflict, and on Monday a large Saudi purchase lifted the market.