CHICAGO, May 30 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed much lower on Tuesday as weather in the U.S. Midwest improved a lot for crop production.
The most active corn contract for July delivery declined by 7.25 cents, or 1.94 percent, to 3.67 dollars per bushel. July wheat delivery plunged 8.75 cents, or two percent, to close at 4.295 dollars per bushel. July soybeans was also down 13.75 cents, or 1.48 percent, to 9.1275 dollars per bushel.
According to weather forecast, it is turning mostly sunny and drier in the Midwest following extreme weather conditions in the past several weeks, when rains and cool-to-cold temperatures hit grain planting areas.
This has been proved by the latest crop progress report released Tuesday afternoon by the U.S. Department of Agriculture. The condition ratings are only two or three percent less when compared with last year.
Profit-taking also played a role in the downturn of corn and wheat future prices, which saw a sharp increase during the previous session. Enditem
