Corn falls to 3-week low on good crop weather

Corn futures fell on Tuesday, to a 3-week low after the US Department of Agriculture data showed an unexpected improvement in climate and weather conditions for this harvest season.

The USDA reported that the weather in the central and western regions of the US is unexpectedly good, which will benefit the quality and abundance of crops.

The department added that the weather during the next two weeks will be good for the quality of grains and other agricultural crops, and estimated that 72% of the corn crop will range from good to excellent, higher by 1% from last week's estimates.

President  Donald Trump has said that the China trade deal is fully intact and his country will continue to live up to the terms of the agreement after signing it in mid-January.

Corn July futures fell 1.1% to close at the lowest since June 3 at $3.25 a bushel, after hitting a day high of $3.27 and a low of $3.21.