Corn, soy futures extend dip on crop-friendly weather forecasts

Chicago corn and soybean futures extended previous session losses on Tuesday, pressured by forecasts for crop-friendly rain in U.S. grain belts this week. Wheat also weakened on expectations of plentiful global supplies. The most active corn contract on the Chicago Board of Trade (CBOT) was down 1% at $4.18 a bushel by 1107 GMT, while soybeans fell 0.3% to $10.22-1/2 a bushel. Traders had been concerned that high temperatures in the U.S. Midwest would damage yields, but after a brief burst of heat mid-week, showers are expected to limit stress to crops, said Commodity Weather Group. The USDA on Monday rated 74% of the U.S. corn crop and 68% of U.S. soybeans in good-to-excellent condition, the highest assessment for corn at this time of year since 2016. The corn rating was unchanged from the previous week, but soybeans were down from 70% and below the average analyst estimate. Both markets are well supplied, and agribusiness consultancy AgRural on Monday increased its estimate for ...