July 9, 2019 / 4:30 AM / 5 months ago

GRAINS-Soybeans edge lower, USDA report on crop condition caps losses

    * USDA pegs condition of soybean crop below forecasts
    * Corn falls for first time in 5 session
    * Wheat falls despite USDA condition report 

    By Colin Packham
    SYDNEY, July 9 (Reuters) - U.S. soybeans edged lower on
Tuesday, but losses were checked after data from the U.S.
Department of Agriculture (USDA) showed that the condition of
North American crops lagged behind market expectations, which
led to supply-crunch fears.
    Corn fell for the first time in five session as prices
slumped nearly 1%, while wheat also traded lower.
    The most active soybean futures on the Chicago Board Of
Trade were down 0.3% at $8.95 a bushel, as of 0409 GMT,
having closed down 0.5% on Monday.
    Analysts said soybeans were under pressure amid broad
commodity weakness, but the USDA data was limiting losses.
    The USDA said 53% of the soybean crop is in
good-to-excellent shape, down 1% from last week's report, and
behind market forecasts.
    "The USDA's crop survey published after trading closed,
paints a picture of soybeans that are well behind the normal
development cycle," said Tobin Gorey, director of agricultural
strategy, Commonwealth Bank of Australia.
    The most active corn futures were down 0.8% at
$4.40-1/4 a bushel, having gained 0.3% in the previous session
when prices hit a high of $4.48 a bushel - their highest since
June 28.
    Analysts said the improvement in the condition of U.S. crops
over the past week was weighing on prices.
    The USDA said 57% of the corn crop is in good-to-excellent
condition, up 1% from last week's report, and matching analysts'
    The most active wheat futures were down 0.8% at $5.07
a bushel, having closed up 0.3% on Monday.
    The USDA said 64% of the winter wheat crop is in
good-to-excellent condition, ahead of market forecast.
    SovEcon and IKAR, the leading agriculture consultancies in
Moscow, on Monday downgraded their forecast for Russia's 2019
wheat crop as they continued to assess the negative impact of
June's hot, dry weather.
 Grains prices at  0409 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   507.00   -4.00    -0.78%       -1.55%  522.23     43
 CBOT corn    440.25   -3.50    -0.79%       -0.45%  440.33     53
 CBOT soy     895.00   -2.75    -0.31%       +0.06%  907.60     39
 CBOT rice     11.73   $0.00    +0.00%       +2.00%  $11.78     60
 WTI crude     57.45  -$0.21    -0.36%       -0.10%  $55.58     50
 Euro/dlr     $1.121  $0.000    -0.03%       -0.12%               
 USD/AUD      0.6956  -0.001    -0.20%       -0.33%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Rashmi Aich)
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