On June 27, according to media reports, the Chicago Board of Trade (CBOT) corn futures closed up and down on Monday, and the benchmark futures closed slightly higher because of concerns about the situation in the Black Sea and most of the Midwest of the United States remained dry.
Cooler temperatures and crop-boosting rains in some parts of the U.S. Midwest over the weekend eased concerns about drought.
Overall, though, the weather remains dry across much of the Midwest.
The US Department of Agriculture’s crop progress report released after the close showed that as of June 25, the good-to-excellent rate of US corn was 50%, lower than 55% a week ago and 67% in the same period last year, and also lower than market expectations of 52%.
Corn markets were also supported by concerns that political instability in Russia over the weekend could disrupt grain shipments in the Black Sea region.
