Wheat, corn and soybeans steady after improving US crop ratings hit prices
CANBERRA, July 9 (Reuters) -Chicago wheat, corn and soybean futures steadied on Tuesday, after sharp declines in the previous session as data showed that the condition of U.S. crops had improved.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.6% at $5.74 a bushel by 0021 after falling 3.4% on Monday.
* CBOT corn Cv1 rose 0.3% to $4.08-3/4 a bushel after plunging 3.8% in the previous session.
* Soybeans Sv1 slipped 0.1% to $10.98-3/4 a bushel having dropped 2.7% the day before.
* Soybeans fell to their lowest since 2020 on Monday, and corn was within a whisker of doing the same. Wheat is around 50 cents above a four-year low hit in March.
* All three markets are amply supplied and speculators are betting heavily on further price falls.
* The U.S. Department of Agriculture (USDA) on Monday increased the percentage of corn, soy and wheat crops in good-to-excellent condition on Monday. Its ratings were better than analysts expected.
* The USDA rated 68% of corn and soy as good-to-excellent, the highest ratings for this time of year since 2020. It rated 75% of the wheat crop in good to excellent condition and reported that the wheat harvest - which has proceeded rapidly this year - was 63% complete.
* The U.S. is the world's top exporter of corn, the No. 2 global soybean exporter, and a major shipper of wheat.
* Improving weather conditions in major wheat exporting countries are outweighing concerns over France's harvest, which has been drenched with too much rain.
* Russian wheat export prices continued to fall last week as freshly cut crops hit the market following an early start to harvest.
* Russia is the world's biggest wheat exporter. Fears over the size of its harvest have eased, with consultant Sovecon raising its estimate last week.
* In Brazil, farmers in the center-south region had harvested 63% of their second corn crop for the 2024 cycle as of last Thursday, consultants AgRural said.
MARKETS NEWS
* MSCI'S global equities gauge barely gained ground on Monday, while the benchmark U.S. Treasury yield ticked up as investors awaited testimony from Federal Reserve Chair Jerome Powell, key inflation data and the corporate earnings season kick-off. MKTS/GLOB
Reporting by Peter Hobson; Editing by Rashmi Aich
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