US corn and soyabean futures rose on Tuesday as the latest forecasts increased the heat and reduced the rain for the Midwest crop belt, changes that prompted fund buying because such weather could hurt crop yields. August-delivery soyabean futures drew additional strength from tight US supplies and signs that end-of-season stocks of the oilseed, already forecast at the tightest in nine years, may be reduced further.
Hotter and drier weather over the next couple of weeks in the US Midwest crop region will stress pollinating corn and the growing soyabean crop, an agricultural meteorologist said on Tuesday. "The forecast for next week turned drier and it looks pretty dry now for the next two weeks so there will be some stress on crops," said Don Keeney, a meteorologist for MDA Weather Services.
USDA rated 66 percent of the US corn crop good to excellent, down from 68 percent a week earlier. For soyabeans, 65 percent of the crop was rated good to excellent, down from 67 percent the previous week. After two sessions of declines, Chicago Board of Trade December corn rose 5-1/4 cents, or 1 percent, to $5.08-3/4 per bushel by 11:09 am CDT (1609 GMT).
New-crop November soyabeans climbed for the sixth time in seven sessions, adding 25 cents, or 2 percent, to $12.88-3/4 a bushel. August soyabeans rose 24-1/2 cents, or 1.7 percent, to $14.78-1/4 after earlier hitting a 9-1/2-month high of $14.88 due to tightening old-crop supplies. US wheat futures turned lower in a profit-taking setback following early gains on the back of higher corn and soyabeans. CBOT September wheat fell 1/2 cent to $6.69 a bushel.
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