June 16, 2020 / 3:35 AM / 2 months ago

GRAINS-Chicago corn up 1% as warm weather hits U.S. crop; wheat gains

* Corn rises for 3 out of 4 sessions on U.S. crop condition

* Wheat futures up for 3rd session, Soybean prices rebound (Adds details on fund buying, quote in paragraph 3; updates prices)

By Naveen Thukral

SINGAPORE, June 16 (Reuters) - Chicago corn futures rose more than 1% on Tuesday, as a weekly crop progress report from the U.S. Department of Agriculture (USDA) showed crop ratings dropped following hot and dry weather.

Wheat rose for a third consecutive session and soybeans also gained ground.

“Corp condition rating is down but I think it too early to get worried about the U.S. crop,” a Singapore-based feed grains trader said.

The most-active corn contract on the Chicago Board of Trade rose 1.1% to $3.32-3/4 a bushel, as of 0322 GMT. Wheat gained 0.2% at $5.05-3/4 a bushel and soybeans added 0.5% to $8.73 a bushel.

The USDA rated 71% of the U.S. corn crop in good-to-excellent condition as compared with 75% a week ago.

After the market closed on Monday, the agency said 95% of the corn crop has been planted, up from 89% a week ago.

Half of the U.S. Crop Watch corn and soybeans are in immediate need of rain after a warm and windy start to June, though the other half, including crops in Iowa, Minnesota, Indiana and Ohio, can hold off without a drink until the end of the week, wrote Karen Braun, a market analyst for Reuters, in a column.

For soybeans, the USDA said 72% of the crop was in good-to-excellent condition, steady from last week.

The European Union’s crop monitoring service MARS on Monday again cut its yield forecasts for winter grain crops in the bloc this year, citing low rainfall in northwest and eastern Europe, but raised its maize outlook.

Commodity funds were net sellers of CBOT corn, soybeans and soymeal futures contracts on Monday and net buyers of soyoil futures contracts, traders said. Funds were net neutral on wheat, with estimates ranging from 2,000 contracts bought to 2,000 sold, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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