July 21, 2020 / 1:49 AM / 20 days ago

GRAINS-Corn falls on USDA crop condition report

SYDNEY, July 21 (Reuters) - U.S. corn futures fell more than 0.5% on Tuesday after the U.S. Department of Agriculture (USDA) pegged the condition of crops above market expectations.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.7% at $3.26 a bushel by 0117 GMT, having closed 1.2% lower in the previous session.

* The most active soybean futures were down 0.4% at $8.96-1/2 a bushel, having firmed 0.6% on Monday when prices hit a July 10 high of $9.02 a bushel.

* The most active wheat futures were down 0.2% at $5.20-3/4 a bushel, having closed 2.4% lower on Monday.

* The USDA raised its good-to-excellent rating for the nation’s soybean crop on Monday and kept its corn rating unchanged, surprising analysts who expected a decline in the condition of both crops from a week ago.

* The agency, in a weekly report, said 69% of soybeans were in good-to-excellent condition, up one percentage point from a week earlier. Analysts surveyed by Reuters expected a drop to 67%. Their estimates ranged from 66% to 70% good-to-excellent.

* The good-to-excellent rating for corn was 69%, unchanged from a week earlier. Analysts on average expected 68%.

MARKET NEWS

* The euro climbed to its highest in more than four months against the dollar on Monday on hopes of an imminent agreement on a recovery fund for European Union economies hit by the COVID-19 pandemic.

* Oil prices remained steady on Tuesday in typically quiet trade for this time of the year, even as little typicality is evident with a pandemic raging worldwide that will likely have another hit on fuel demand.

* Asian shares were set to open higher on Tuesday after U.S. markets gained ground on positive data from trials of three potential COVID-19 vaccines and hopes that the European Union would finalise a recovery fund.

Reporting by Colin Packham; Editing by Krishna Chandra Eluri

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