Corn dips but US heat concerns limit losses

Chicago corn futures fell on Monday after a short-covering rally lifted prices by 3.8% last week, with traders balancing concerns that hot weather will shrink U.S. yields against an overall picture of plentiful supply. Wheat futures gave back some of Friday’s gains and soybeans were down for the first time in four trading sessions as soyoil prices (BOc1) dipped from two-year highs. The most active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $4.26 a bushel by 0245 GMT, with CBOT soybeans falling 0.6% to $10.29-1/4 a bushel and wheat 0.4% lower at $5.44 a bushel. All three contracts remain close to multi-month or multi-year lows due to ample supply, but traders fear that forecast heat in the United States could damage corn and soybean production. Around 7% of global corn supply now faces weather-related threats, including parts of the U.S., Ukraine and Russia, said Tobin Gorey, founder of Cornucopia, a consultancy. “The coarse grain market has substantial ...