GRAINS-Corn futures slip again as US crop conditions improve

By Tom Polansek

CHICAGO, July 8 (Reuters) - Chicago Board of Trade corn futures extended losses on Tuesday to approach a 2025 low as improved U.S. crop ratings and forecasts for more benign weather fueled expectations for a bumper harvest.

Soybeans also edged down toward a multimonth low as favourable U.S. crop conditions similarly created supply pressure, analysts said.

Traders worried that tariff disputes with key trading partners may hurt demand for U.S. crops as farmers are increasingly expected to produce large yields.

U.S. President Donald Trump on Monday ramped up his trade war, telling 14 nations that they now face sharply higher tariffs from a new deadline of August 1.

The U.S. Department of Agriculture said after Monday's market close that 74% of the nation's corn crop was in good or excellent condition, up 1 percentage point from a week earlier and the highest for this time of year since 2018.

"Crop ratings are in lofty territory heading into pollination and indicating massive record yield potential," broker StoneX said in a note.

Most-active CBOT corn futures Cv1 were 4-1/2 cents lower at $4.16-1/4 a bushel by 9:55 a.m. CDT (1455 GMT). They earlier touched $4.13-1/4, approaching an eight-month low of $4.02-1/4 struck at the end of June.

CBOT soybeans Sv1 slipped 3/4 cent to $10.20 a bushel.

Weather has been largely favorable for both U.S. crops, and Commodity Weather Group said a lack of extreme heat is expected to limit major stress in the coming weeks.

Large U.S. harvests would add to bumper production in rival exporter Brazil.

The USDA rated 66% of the U.S. soybean crop as good to excellent, unchanged from last week but down from 68% a year earlier.

Agency data showed the U.S. winter wheat harvest progressed faster than analysts expected last week, helping to keep the market's focus on incoming supplies in the Northern Hemisphere.

Agricultural consultancy Sovecon raised its forecast for Russia's wheat exports for the 2025-2026 season.

CBOT wheat Wv1 eased 2 cents to $5.46-1/2 a bushel.