CANBERRA, July 21 (Reuters) - U.S. wheat futures advanced on Wednesday for a sixth consecutive session, hovering near a two-month high marked in the previous session, as deteriorating crop conditions raised concerns about global supplies.
FUNDAMENTALS
* The most-active wheat futures on the Chicago Board Of Trade were up 0.8% at $7.05-3/4 a bushel by 0111 GMT, having closed up 0.4% on Tuesday - when prices hit a May 18 high of $7.18 a bushel.
* The most-active soybean futures were up 0.2% to $13.90-3/4 a bushel, having closed up 1.1% on Tuesday.
* The most-active corn futures were up 0.5% to $5.69-1/4 a bushel, having closed up 2.5% in the previous session.
* The U.S. Department of Agriculture (USDA), in a report released after Monday's market close, rated 11% of U.S. spring wheat as good or excellent, down from 16% a week earlier and below analysts' average estimate of 15%.
* The USDA last week projected that U.S. spring wheat production would shrink to a 33-year low.
* The USDA left unchanged its good/excellent score for U.S. corn at 65%, short of an analyst consensus of 66%. It raised the soybean rating by 1 percentage point to 60%, in line with expectations.
MARKET NEWS
* Safe-harbour currencies like the yen and dollar traded near multi-month highs against the riskier Australian dollar and British pound on Tuesday, as fears grow that a rampant coronavirus variant could upend the global economic recovery.
* Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil's two-month low touched in the previous session.
* Wall Street notched a comeback on Tuesday with all the major indexes closing higher, and yields on safe-haven U.S. Treasuries bouncing off lows as investors sought riskier assets even as worries remained about a resurgence in COVID-19.
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
