CANBERRA, July 28 (Reuters) - U.S. soybean futures rose on Wednesday as concerns over the condition of crops due to recent unfavourable weather underpinned prices.
FUNDAMENTALS
* The most-active soybean futures on the Chicago Board Of Trade were up 0.5% to $13.66-3/4 a bushel by 0049 GMT, having closed little changed in the previous session.
* The most-active corn futures were up 0.2% to $5.47-1/4 a bushel, having closed little changed in the previous session.
* The most-active wheat futures were up 0.2% at $6.75-1/2 a bushel, having closed down 0.4% on Tuesday.
* U.S. corn and soybean crops deteriorated in the latest week from dryness in growing areas west of the Mississippi River, the U.S. Department of Agriculture said on Monday.
* The agency said good-to-excellent ratings for corn fell by 1 percentage point to 64% in the week ended July 25, below market expectations.
* Russia's southern region of Krasnodar, one of the country's largest wheat producing and exporting areas, harvested a record grain crop of 12.4 million tonnes, its governor said on social media.
* In Europe, crop monitor MARS expected torrential rains that hit the western part of the bloc this month to have impaired crop quality rather than quantity.
MARKET NEWS
* The U.S. dollar edged lower against a basket of peer currencies on Tuesday as investors awaited the outcome of this week's two-day Federal Reserve policy meeting for any signals as to when the central bank will begin tapering its asset purchases.
* Oil prices held steady on Tuesday ahead of the release of U.S. inventory data as investors worried that global demand could be dented by surging COVID-19 cases, even though supplies are tightening and vaccination rates rising.
* U.S. stocks fell from record highs on Tuesday while real U.S. bond yields hit all-time lows, as a sell-off in Chinese shares, economic growth concerns and the Federal Reserve's policy meeting put investors on guard and drove profit taking.
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
