* Pro Farmer Midwest Crop Tour sees higher corn yields
* Wheat futures rise for 5th session, soybeans fall (Adds fund positioning, analyst’s quote)
SINGAPORE, Aug 19 (Reuters) - Chicago corn futures fell for the second session in a row on Wednesday, as estimates of higher yields by a crop tour in parts of the U.S. Midwest eased concerns over damage caused by a storm last week.
Soybeans slid, although losses were limited by dry weather curbing U.S. yield potential, while wheat futures rose for a fifth consecutive session.
“Crop scouts scattered throughout the U.S. Midwest are sending back mostly positive reports from the field,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
The most-active corn contract on the Chicago Board of Trade fell 0.7% to $3.39-1/4 a bushel, as of 0250 GMT, after hitting a July 10 high of $3.46 a bushel in the last session.
Soybeans were down 0.3% at $9.11 a bushel and wheat added 0.5% to $5.20 a bushel.
Strong corn yield prospects found in Ohio and South Dakota by the Pro Farmer Midwest Crop Tour are adding pressure on prices.
Scouts also found above-average crop potential in parts of Nebraska and Indiana on Tuesday, but noted some soybean fields may need more rain to hit peak yields.
Corn prices climbed to their highest in more than one month as storm-damage in a key U.S. state underpinned values.
U.S. President Donald Trump visited Iowa on Tuesday to review the damage to the state from an Aug. 10 storm, and the state’s agriculture secretary, Mike Naig, told a briefing in Cedar Rapids: “There are millions of acres of corn that just won’t flat out be able to be harvested.”
Early estimates indicate the storm damaged more than 57 million bushels of grain storage in Iowa ahead of the autumn harvest, the state’s agriculture department said.
Germany’s 2020 grain harvest will fall below average for the third year in a row as farmers grapple with extreme weather conditions, the DBV farmer’s association said on Tuesday.
Commodity funds were net sellers of CBOT corn, wheat, soymeal and soybean futures contracts on Tuesday and net buyers of soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich)
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