GRAINS-Wheat eases on US rain forecast; corn, soybeans down

SINGAPORE, April 7 (Reuters) - Chicago wheat futures lost more ground on Tuesday, pressured by forecasts of much-needed rains that could improve crop prospects in the drought-stressed U.S. Plains.

Corn and soybeans eased after closing marginally higher on Monday.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.1% to $5.94-1/2 a bushel as of 0010 GMT. Corn Cv1 lost 0.2% to $4.53 a bushel and soybeans Sv1 shed 0.1% to $11.66 a bushel.

Wheat prices fell on forecasts of showers in the Plains that could lift yield prospects for winter wheat in the heart of the U.S. breadbasket.

Forecasters said beneficial rainfall is expected across the eastern two-thirds of the Plains wheat belt over the next 10 days, although chances remain lower in the far western third of the region.

The U.S. winter wheat crop was rated 35% good-to-excellent in the U.S. Department of Agriculture's first weekly crop progress report of the 2026 growing season, released after markets closed on Monday.

The report showed crop ratings in the week ending on April 5 were the worst for this time of year since 2023, down from 48% a year earlier. Analysts had expected 42%, per a Reuters poll.

MARKET NEWS

U.S. equity indexes closed modestly higher and U.S. oil futures settled above $112 per barrel on Monday as investors waited for clarity on the prospects of a resolution to the war in the Middle East. MKTS/GLOB

DATA/EVENTS (GMT)

0750 France HCOB Serv, Comp PMIs March

0755 Germany HCOB Serv PMI March

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