Chicago corn, soybean futures prices retreat on drier weather

Chicago Board of Trade (CBOT) corn, soybeans futures prices retreated Monday as drier weather in the U. S. Midwest could rescue the condition of the two crops, while wheat extended gain.

The most active corn contract for December delivery lost 2.25 cents, or 0.51 percent, to close at 4.35 U.S. dollars per bushel. September wheat delivery gained 5 cents, or 0.85 percent, to close at 5.955 dollars per bushel. November soybeans fell 15.5 cents, or 1.5 percent, to close at 10.1475 dollars per bushel.

The weather forecast is warmer and drier in the coming days with below average rainfall and above average temperatures for most producing areas of the Midwest. Analysts said that drier weather could rescue the condition of soybeans and corn, which have suffered after weeks of rain.

Some analysts said concerns about heat wave and dryness in Europe and dryness in Canada supported Chicago wheat futures as the continued dryness may deteriorate the condition of wheat and lower their exports also.