* U.S. corn rated 68% good-to-excellent, soybeans 62% - USDA
* Corn futures capped by expectation of improved U.S.
* 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
"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
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
(Reporting by Naveen Thukral; Editing by Shounak Dasgupta)