CBOT corn falters on favorable weather, ample supplies
CHICAGO, June 24 (Reuters) - Chicago Board of Trade front-month corn futures hit lifetime lows on Tuesday on expectations of ample corn stockpiles. Back-month contracts also settled down.
CBOT September corn CU25 settled down 5-1/4 cents at $4.12-1/4 a bushel, hitting a contract low of $4.11-3/4 per bushel.
Corn has remained under pressure from expectations of ample U.S. and global supply despite weaker-than-anticipated weekly U.S. crop ratings.
Analysts expect hot weather and rains forecast in the week ahead to support crop growth in the U.S. corn belt by creating a greenhouse-like effect.
U.S. corn crop conditions worsened over the past week but remained the strongest in five years for this point of the growing season, according to the U.S. Department of Agriculture's weekly crop report.
The share of U.S. corn rated good to excellent as of June 22 fell to 70%, down 2 points from a week earlier and 2 points below the average estimate from 12 analysts polled by Reuters.
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