Corn futures at the Chicago Board of Trade weakened on Tuesday, pressured by ideal crop weather and improving condition ratings for US corn, traders said. CBOT corn futures were 1/2 to 2-1/2 cents per bushel lower by 10:45 am CDT (1545 GMT). September was down 2 at $2.21-1/4 and new-crop December was 2-1/4 lower at $2.29-1/2.
Funds were early sellers, including O'Connor and Cargill Investor Services each selling 300-500 December, traders said.
Good weather is reinforcing ideas that the US corn crop is getting bigger every day. USDA late Monday said 77 percent of the US corn crop was good to excellent as of Sunday, up from 76 percent a week ago and within the trade expectations. USDA also said 72 percent of the crop was silking or pollinating.
CBOT oat futures were steady to 1/2 cent weaker, holding up despite the weakness in other feed grains. Speculative buying has recently underpinned oat prices, traders said.