Soybeans, corn rise on soft dollar, but ample supply caps gains
CANBERRA, Aug 20 (Reuters) -Chicago soybean and corn futures edged higher on Tuesday, aided by a weakening dollar, but they hovered near four-year lows as traders waited to see if a widely followed crop tour this week will support expectations of bumper U.S. yields.
Wheat futures edged lower as large Black Sea harvests and an improvement in the condition of U.S. crops maintained expectations of ample supply despite poor French and German crops.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $9.77-3/4 a bushel, as of 0040 GMT, CBOT corn Cv1 edged 0.1% higher to $4.00-1/2 a bushel, while wheat Wv1 dipped 0.1% to $5.51-1/2 a bushel.
* All three contracts have fallen to their lowest levels since 2020 in recent weeks - $9.55 for soybeans, $3.90 for corn and $5.14 for wheat - and speculators are betting on further decline.
* The dollar weakened on Tuesday to its lowest levels since Jan. 2, making U.S. crops more affordable for buyers with other currencies. FRX/ USD=
* The Pro Farmer crop tour in the U.S. Midwest kicked off on Monday, with the U.S. Department of Agriculture on the same day rating 67% of the nation's corn crop and 68% of the soybean crop in good-to-excellent condition.
* The ratings matched analyst expectations and were the highest for this time of year for both crops since 2020.
* The U.S. Department of Agriculture on Monday reported private sales of 332,000 metric tons of U.S. soybeans to China and 110,000 tons to undisclosed destinations for shipment in the 2024/25 marketing year.
* The sales come amid generally weak overseas demand for U.S. soybeans that has weighed on prices.
* Weather forecasts predict a dry spell in the U.S. Midwest in the week ahead, and dry conditions have also hit parts of the Mississippi Delta region, raising concerns about soybean yields.
* In wheat, the USDA rated 73% of the U.S. spring wheat crop in good-to-excellent condition, up 1% from the previous week and higher than analysts' expectations.
* Russian wheat export prices declined last week amid lower global prices and weak demand, with analysts expecting new crop supplies to increase and exert further downward pressure.
* Egypt remains confident of securing its target of around 3.8 million metric tons of imported wheat by the end of 2024, through a combination of tenders, direct purchases and government-to-government agreements, a minister said.
* Ukraine's grain exports in the 2024/25 July-June season had reached 5.79 million metric tons, as of Aug. 19, up from 3.61 million tons by the same date of the previous season, agriculture ministry data showed.
MARKETS NEWS
* Global stocks pushed higher and the dollar tipped lower on Monday, after shares surged last week on expectations the U.S. economy would dodge a recession and cooling inflation would spur interest rate cuts. MKTS/GLOB
Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips
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