U.S. corn and soybean futures stabilized on Tuesday after the market surged late last week.

Futures for corn and soybeans in the US stabilized on Tuesday after a sharp increase in the market at the end of last week on fears that hot and dry weather will lead to crop shortages.

But low export demand for supplies from the US weighed on contracts for KC winter hard red wheat and MGEX spring wheat.

July CBOT soft red winter wheat rose 7-3/4 cents at $6.95-3/4 a bushel after peaking at $7.00, the highest for the most active contract since April 19.

December CBOT corn was flat at $5.97-1/2 a bushel, while November soybean CBOT rose 1/2 cent at $13.42-3/4 a bushel.

After the market closed, the USDA said ratings for corn from "good" to "excellent" fell 6 percentage points over the past week to 55%. As of June 18, soybean ratings from “good” to “excellent” were 54%, down 5 percentage points from a week earlier