* USDA pegs condition of wheat crop below estimates
* Corn also rallies on USDA report
* Soybeans edge higher
By Colin Packham
SYDNEY, May 31 U.S. wheat rose as much 1.3
percent on Wednesday after the U.S Department of Agriculture
pegged the condition of the crop below market expectations,
though ample global supplies provided a ceiling to gains.
Corn also rose as much as 1.3 percent as the condition of
the crops was also pegged behind forecasts, while soybeans edged
higher for the first time in six sessions.
The most active wheat futures on the Chicago Board Of Trade
rose 0.76 percent to $4.32-3/4 a bushel by 0303 GMT, near
the session high of $4.35-1/4 a bushel. Wheat closed down 2
percent on Tuesday.
"The USDA reported that both winter and spring wheat
conditions had deteriorated a little after trading closed. The
headline might briefly help prices in early trading today but
the details do not contain any real surprises," said Tobin
Gorey, director of agricultural strategy, Commonwealth Bank of
The USDA rated 50 percent of the U.S. winter wheat crop and
62 percent of the spring wheat as good-to-excellent. However,
both figures fell below analysts' expectations.
The most active corn futures rose 0.8 percent to $3.70
a bushel, having touched a high of $3.71-3/4 a bushel. Corn
closed down 1.9 percent in the previous session.
The USDA said 65 percent of the corn crop was in
good-to-excellent condition, below an average of analysts'
expectations for 68 percent.
The most active soybean futures rose 0.14 percent to
$9.14 a bushel, having closed down 1.5 percent on Tuesday.
Grains prices at 0303 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 432.75 3.25 +0.76% -1.25% 432.83 55
CBOT corn 370.00 3.00 +0.82% -1.14% 369.50 52
CBOT soy 914.00 1.25 +0.14% -1.35% 958.23 24
CBOT rice 11.16 -$0.03 -0.22% +1.69% $10.32 70
WTI crude 49.37 -$0.29 -0.58% -0.86% $48.87 47
Euro/dlr $1.117 -$0.001 -0.09% +0.08%
USD/AUD 0.7446 -0.002 -0.24% +0.13%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham; Editing by Christian Schmollinger)