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GRAINS-Corn extends losses as U.S. crop tour forecasts above-average yields

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.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade fell 0.6% at $3.39-3/4 a bushel, as of 0032 GMT, after hitting a July 10 high of $3.46 a bushel in the last session.

* Soybeans were down 0.1% at $9.12-1/2 a bushel and wheat added 0.6% to $5.20-3/4 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.

MARKET NEWS

* Asian equities were mostly firmer on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.

DATA/EVENTS (GMT) 0600 UK CPI YY July 0900 EU HICP Final MM, YY July 1800 US Federal Open Market Committee will release minutes from its July 28-29 policy meeting (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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