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Corn ticks up as U.S. reports crop condition below expectations

06/14/2021 | 10:59pm EDT

* U.S. corn rated 68% good-to-excellent, soybeans 62% - USDA

* Corn futures capped by expectation of improved U.S. weather

* Wheat prices drop for third session, soybean futures down

SINGAPORE, June 15 (Reuters) - Chicago corn futures edged higher on Tuesday after a U.S. report pegged crop condition below market expectations, even as forecasts of improved weather kept a lid on prices.

Wheat dropped for a third consecutive session while soybeans lost more ground.

"A couple of developments tripped the market," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

"Most important has been the swing in weather forecasts for the north-west and west Midwest of the U.S. The overall pattern for the week or so ahead is now cooler and somewhat wetter ... crops in these regions were on a path to depleted soil moisture and crop stress – now those outcomes have been at least delayed."

The most-active corn contract on the Chicago Board Of Trade (CBOT) added 0.2% to $6.60-1/2 a bushel, as of 0253 GMT, having closed down 3.7% in the previous session, when prices hit a June 3 low of $6.53 a bushel.

Soybeans slid 0.1% to $14.71-1/2 a bushel and wheat dropped 0.8% to $6.69 a bushel.

The weather outlook for the U.S. Midwest is cooler temperatures and rains late this week, aiding crops.

Still, the U.S. Department of Agriculture (USDA) rated 68% of the U.S. corn crop as good to excellent, down 4 percentage points from the previous week.

The agency rated 62% of the soybean crop as good to excellent, down 5 percentage points.

Analysts on average had expected a ratings decline of only 3 points for corn and 2 points for soybeans.

The U.S. winter wheat harvest is off to a slow start. The USDA said 4% of the crop had been cut by Sunday, compared with analyst estimates of 10%.

Soft wheat exports from the European Union in the 2020/21 season that started last July reached 24.88 million tonnes by June 13, data published by the European Commission showed on Monday. That was down from 33.94 million tonnes cleared by the same week last season, according to the data.

Commodity funds were net sellers of CBOT corn, soybean, soymeal, soyoil and wheat futures contracts on Monday, traders said. (Reporting by Naveen Thukral; Editing by Shounak Dasgupta)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMMONWEALTH BANK OF AUSTRALIA 0.20% 99.65 End-of-day quote.21.36%
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.97% 547 End-of-day quote.15.29%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
S&P GSCI CORN INDEX -1.88% 451.5996 Delayed Quote.15.19%
S&P GSCI SOY BEANS INDEX -2.03% 535.6818 Delayed Quote.5.05%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.09% 352.6 End-of-day quote.-17.93%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.21% 703.75 End-of-day quote.9.88%
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