Corn eases after rally, declining US crop condition curbs losses
SINGAPORE, July 2 (Reuters) -Chicago corn futures slid on Tuesday, giving up some of last session's strong gains, although losses were limited as the U.S. crop condition declined due to adverse weather in parts of the Midwest.
Wheat prices fell after Monday's rally and soybeans ticked lower.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.1% to $4.20-1/4 a bushel, as of 0029 GMT, having climbed more than 3% in the last session. Wheat Wv1 fell 0.9% to $5.85-1/4 a bushel and soybeans Sv1 lost 0.1% to $11.09-3/4 a bushel.
* The condition of the U.S. corn crop deteriorated in the latest week while national soybean ratings held steady after floods swamped portions of the northwestern Midwest, U.S. government data released on Monday showed.
* The U.S. Department of Agriculture (USDA) rated 67% of the corn crop as good to excellent in its weekly crop progress report, down 2 percentage points from a week ago; analysts surveyed by Reuters on average had expected a 1-point decline.
* China is likely to import record volumes of soybeans in July, drawn by lower prices and the prospect of Donald Trump returning as president and reigniting trade tensions between Beijing and the U.S., which was once China's top supplier of the oilseed.
* Russian wheat export prices have declined for the fourth week in a row, tracking global markets amid good news about the new harvest.
* The price of 12.5% protein Russian new crop wheat scheduled free-on-board (FOB) with delivery in late July was $226 per metric ton at the end of last week, $5 lower than the price a week earlier, according to the IKAR consultancy.
* Commodity funds were net sellers of Chicago Board of Trade corn futures and net buyers of soyoil, wheat, soymeal and soybeans contracts on Monday, traders said. COMFUND/CBT
MARKET NEWS
* Global stocks edged higher in choppy trading on Monday, while U.S. Treasury yields rose following France's historic elections and ahead of a string of economic data this week that could provide clues on the likelihood of Federal Reserve interest rate cut. MKTS/GLOB
DATA/EVENTS (GMT)
0900 EU HICP Flash YY June
0900 EU HICP-X F, E, A&T Flash MM, YY June
0900 EU HICP Unemployment Rate May
Reporting by Naveen Thukral; Editing by Rashmi Aich
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