GRAINS-Corn drops for second session on improved US crop rating; soybeans, wheat down
- USDA report shows US corn conditions rated highest since 2018
- Northern Hemisphere harvest adds pressure on Chicago wheat
By Naveen Thukral
SINGAPORE, July 1 (Reuters) - Chicago corn fell on Tuesday, with prices under pressure from a weekly U.S. report showing robust crop condition, boosting prospects of higher output amid plentiful Brazilian supplies.
Soybeans eased as quarterly stocks data from the U.S. Department of Agriculture (USDA) pegged June 1 reserves above market expectations, while wheat slid on harvest pressure.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.9% to $4.21-1/2 a bushel, as of 0257 GMT and soybeans Sv1 lost 0.3% to $10.24-1/4 a bushel.
Wheat Wv1 fell 0.1% to $5.38 a bushel.
The USDA rated 73% of the nation's corn crop in good-to-excellent condition, up from 70% a week ago and the best since 2018 at this point in the growing season.
Brazil's total corn production is expected to hit 130.6 million metric tons in 2024/25, agribusiness consultancy AgRural said on Monday, raising its forecast from the 128.5 million tons it projected earlier this month.
Higher inventories of soybeans continued to pressure prices.
The USDA reported U.S. June 1 stockpiles of soybeans at 1.008 billion bushels, while analysts surveyed by Reuters on average had expected 980 million bushels.
For wheat, prices are being capped by ongoing Northern Hemisphere harvest and ample supplies.
The USDA's quarterly wheat stocks figure of 851 million bushels was above most analysts' estimates.
Dry and chilly weather over Argentina in the coming days is set to boost conditions for planting the country's 2025/26 wheat crop, the Rosario grains exchange said on Monday and predicted higher than usual yields thanks to good levels of moisture in the soil.
Commodity funds were net buyers of Chicago Board of Trade soybean and soyoil futures contracts on Monday, net sellers of soymeal and wheat and net even in corn, traders said.
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