* USDA says 27% of crops in good-to-excellent shape
* Corn firms, soybeans little changed
CANBERRA, June 22 (Reuters) - U.S. wheat futures rose 1.5%
to touch a one-week high on Tuesday after the U.S. Department of
Agriculture pegged the condition of crops below market
forecasts, stoking concerns about global supplies.
Corn firms, drawing support from wheat, while soybeans were
The most active wheat futures on the Chicago Board Of Trade
were up 1.5% at $6.75 a bushel by 0504 GMT near the
session high of $6.76-1/4 a bushel - the highest since June 14.
Wheat closed up 0.3% on Monday.
Analysts said wheat was drawing support from the USDA crop
"The survey recorded another drop in the condition of the
U.S. spring wheat crop," said Tobin Gorey, director of
agricultural strategy, Commonwealth Bank of Australia.
"The production outlook for high-protein wheat continues to
The USDA said crop ratings declined sharply last week,
although rains last weekend were likely to aid supplies. The
USDA said just 27% of the crop was in good-to-excellent shape, a
10-point drop that was well below expectations.
The most active soybean futures were little changed at
$14.15 a bushel, having firmed 0.5% on Monday.
Soybeans were rated 60% good to excellent, in line with
analyst expectations, but down 2 points from a week earlier. The
USDA also said the U.S. soybean crop was 97% planted, on par
with trade expectations.
Soybean futures have drawn support from USDA confirmation on
Monday of renewed buying by China, first reported by Reuters on
Friday, the country's largest scale purchases in four-and-a-half
The most active corn futures were up 0.6% at $6.63-1/4
a bushel, having closed down 0.6% in the previous session.
The U.S. corn crop was rated to be 65% in good-to-excellent
shape as of Sunday, down 3 percentage points from a week earlier
and a point lower than the average estimate in a Reuters survey
of 11 analysts ahead of the report.
(Reporting by Colin Packham; Editing by Amy Caren Daniel)