CBOT corn falls on weaker crude oil, strong dollar
CHICAGO, June 22 (Reuters) - Chicago Board of Trade corn futures ticked down on Monday as sinking crude oil prices and a stronger dollar added pressure.
Abundant rainfall and moderate temperatures in the U.S. Midwest have curbed corn prices this month, though traders say wet conditions and excess rainfall may start to impede growth.
Market players are awaiting the U.S. Department of Agriculture's weekly crop progress report on Monday afternoon, which will include condition ratings for the nascent corn crop.
The U.S. Department of Agriculture is expected to leave its ratings of U.S. corn unchanged from last week, with analysts estimating corn will be rated at 68% good to excellent condition.
Oil prices fell nearly 4% on Monday, as supply concerns eased after U.S. Vice President JD Vance said progress has been made in talks with Iran and the Strait of Hormuz was open. O/R
Corn futures often follow crude oil, as it is commonly used as feedstock for biofuel.
CBOT July corn CN26 settled 6 cents lower to $4.11-1/2 per bushel.
