USDA cuts corn, soy condition ratings<\/p>\n
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Milder U.S. weather expected, following heat wave<\/strong><\/u><\/p>\n *<\/p>\n CBOT soybeans hit lowest price since July 10<\/b><\/p>\n *<\/p>\n No further major attacks on Ukraine’s grain system<\/u><\/p>\n (Updates with closing prices, USDA crop conditions)<\/b><\/p>\n By Christopher Walljasper<\/b><\/p>\n CHICAGO, July 31 (Reuters) – Chicago soybeans and corn fell on Monday, pressured by expectations of cooler, wetter weather across the U.S. Midwest in August.<\/p>\n Wheat also dropped, despite worries over Black Sea supplies, although no new major Russian attacks on Ukrainian grain infrastructure were reported over the weekend.<\/p>\n Chicago Board of Trade most-active corn contract lost 17-1\/4 cents to finish at $5.13 per bushel, after reaching $5.08 a bushel, its lowest since July 18.<\/p>\n Soybeans pared losses to 50-3\/4 cents, at $13.31-3\/4 a bushel, after reaching $13.22-3\/4, their lowest since July 10. Wheat dipped 38-1\/2 cents to $6.65-3\/4 per bushel.<\/p>\n Cooler temperatures and increased rain forecasts are expected to bolster crop development, adding pressure to markets.<\/p>\n “Some of the dryer spots of Iowa and Minnesota are expecting rain this week,” said Ed Duggan, senior risk management specialist at Top Third Ag Marketing. “The extended forecast, for August, they\u00b4ve taken all the heat out.”<\/p>\n The U.S. Department of Agriculture (USDA) cut crop condition ratings for U.S. corn and soybeans more than analysts had expected, however.<\/p>\n