July 14, 2020 / 1:57 AM / a month ago

GRAINS-Corn eases, but USDA crop report caps losses

SYDNEY, July 14 (Reuters) - U.S. corn futures inched down on Tuesday to linger near a two-week low, though losses were checked by a widely watched report that showed U.S. crops were in a worse condition than expected.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade were down 0.1% at $3.36-1/4 a bushel by 0127 GMT, having closed 2.4% lower in the previous session, when prices hit a June 30 low of $3.34-3/4 a bushel.

* The most-active soybean futures were unchanged at $8.75-1/4 a bushel, having closed down 1.7% on Monday.

* The most-active wheat futures were little changed at $5.24-1/2 a bushel, having closed down 1.7% on Monday.

* The U.S. Department of Agriculture (USDA) on Monday rated 69% of the country’s corn crop in good-to-excellent condition, down 2 percentage points from a week ago.

* Analysts surveyed by Reuters on average had expected a decline of 1 percentage point.

* The USDA rated 68% of the U.S. soybean crop in good-to-excellent condition, down 3 percentage points from 71% in the previous week.

* Analysts surveyed by Reuters on average had expected a 1-point decline in soybean ratings.

* Russian Agriculture Minister Dmitry Patrushev said the country plans to permanently use a grain export quota mechanism it introduced in April-June, but not in the July-December period, TASS news agency reported.

MARKET NEWS

* The dollar was hemmed into narrow ranges against most currencies as renewed concerns about diplomatic tension between the United States and China and rising coronavirus cases put a dent in risk appetite.

* Asian shares were mixed after a volatile day in U.S. equity markets amid persistent concerns over the record number of new coronavirus cases worldwide and signs of an economic rebound.

Reporting by Colin Packham; Editing by Devika Syamnath

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