Corn futures were higher in overnight trading after the government lowered the percentage rated good or excellent in a weekly report.
The Department of Agriculture pushed down the percentage of corn that was rated good or excellent by 1 point in a weekly report.
Weather has been more of a bullish factor for corn and beans as of late, leaving analysts wondering if speculative investors who are short the market will have to cover as dry weather persists.
The heat wave in the Midwest is likely to continue for much of the week, according to forecasters, but some rain is forecast starting Sunday or Monday.
Wheat also rose on reports that fields are dry in Australia, which will likely reduce production in the long run. Prices may have gained as a storm rolls into the southern Plains today, which could slow the U.S. harvest.
Corn futures for July delivery gained 3 cents to $3.80 ¼ a bushel overnight on the Chicago Board of Trade.
Soybeans rose 3 cents to $9.34 ½ a bushel in Chicago. Soymeal added $1.90 to $303.70 a short ton and soy oil fell 0.09 cent to 31.84 cents a pound.
Wheat futures for July delivery rose 5 ¼ cents to $4.39 ¼ a bushel overnight while Kansas City futures gained 7 ½ cents to $4.50 ¼ a bushel.
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