Soy tumbles to 2020 lows as rains seen aiding US crops
Soybeans fall on central U.S. weather
Corn nearly flat
Wheat strengthens after strong export inspections
Updates prices, adds USDA crop progress and condition update
By Renee Hickman
CHICAGO, July 29 (Reuters) -Chicago soybean prices plunged on Monday to the lowest since October 2020, as forecasts for rain in the U.S. crop belt alleviated concerns over the potential impact on crop yields from hot and dry weather.
Corn hovered around steady, while wheat gained strength on export demand, said analysts.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 settled down 9 cents at $10.39-1/2 a bushel.
CBOT corn Cv1 ended up 2-1/4 cents to $4.12-1/4 a bushel.
Meanwhile, data released by the U.S. Department of Agriculture after the close of the session showed U.S. corn conditions improving, while ratings for the nation's soy, winter wheat and spring wheat fell.
The market had initially anticipated extreme heat and dryness over the U.S. Midwest to reduce corn and soybean crop production but recent weather forecasts indicated that the hot and dry weather would be temporary, analysts said.
"The story in soybeans and to some extent corn is we have great weather across much of the Midwest and great crop conditions," said Nathan Losey, a grain analyst at AgResource Company. "Right now, we're on track for a big crop," he said.
And, said Losey, China has little new crop soybeans booked, while U.S. farmers are still holding on to a large amount of old crop corn and soybeans.
WheatWv1 rose 7-1/2 cents to finish at $5.31 a bushel after U.S. export inspection data, as well as poor conditions in the EU.
"Wheat is on the upper end on the inspections," said Jim Gerlach president at A/C Trading.
USDA putexport inspections of wheat for the week ending July 25 at 431,233 metric tons.
Ratings of French soft wheat fell again last week to hit another eight-year low, with only half of the crop now in good condition, while harvesting remained well behind average as wet weather throughout the cycle continued to weigh on crops.
Reporting Renee Hickman in Chicago; Additional reporting by Mei Mei Chu in Beijing and Nigel Hunt in London; Editing at Stephen Coates
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