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

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.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade rose 1.1% to $3.32-3/4 a bushel, as of 0339 GMT. Wheat gained 0.5% at $5.07 a bushel and soybeans added 0.4% to $8.72 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.

MARKET NEWS

* Asian stocks were set to follow a late Wall Street surge on Tuesday, after the Federal Reserve’s fresh move to support financial markets through the coronavirus pandemic cheered investors.

DATA/EVENTS (GMT) 0600 Germany HICP Final YY May 0600 UK Claimant Count Unem Chng May 0600 UK ILO Unemployment Rate April 0900 Germany Zew Economic Sentiment June 0900 Germany Zew Current Conditions June 1230 US Retail Sales MM May 1315 US Industrial Production MM May (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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