CHICAGO, July 9 (Xinhua) -- Chicago Board of Trade (CBOT) corn and wheat futures closed lower on Tuesday over better crop ratings.
The most active corn contract for December delivery was down 6.5 cents, or 1.46 percent at 4.3725 U.S. dollars per bushel. September wheat was down 8.25 cents, or 1.61 percent to 5.0275 dollars per bushel. November soybeans were up 6.5 cents, or 0.72 percent to 9.0425 dollars per bushel.
The U.S. Department of Agriculture (USDA) on Monday afternoon released its latest crop condition report, saying 57 percent corn was rated in good/excellent conditions as of July 7, up from 56 percent in the previous week.
Meanwhile, USDA reported better ratings for U.S. winter wheat and spring wheat, respectively one and three percentage points higher than the previous week.
However, only 53 percent of soybean crops were rated in good/excellent conditions, one point lower than the previous week and sharply down from 71 percent the same period last year.
The crop ratings boosted CBOT soybean futures and dragged down corn and wheat prices, said analysts. Enditem