Corn rises as US crop condition ratings decline more than expected

CANBERRA: Chicago corn futures rose on Tuesday and stayed near three-year highs hit in the previous session after US crop condition ratings fell more than most analysts had expected. Wheat was flat but held close to a two-year high reached on Monday, as traders digested Ukrainian President Volodymyr Zelenskiy’s comments that there will be a “diplomatic track” with Russia on attacks that have curtailed Black Sea exports. Soybeans edged lower, with analysts pointing to rumours that the US government could grant more exemptions than expected to oil refiners from renewable fuel blending rules, which would lower demand for biofuels made partly from soybean oil.

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