June 23, 2020 / 1:46 AM / 11 days ago

GRAINS-Corn falls to near 1-week low on upbeat USDA crop condition report

SYDNEY, June 23 (Reuters) - U.S. corn futures fell to a near one-week low on Tuesday after the Department of Agriculture said U.S. crops were in a better-than-expected condition.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.5% at $3.26-3/4 a bushel by 0111 GMT, near the session low of $3.26-1/4 a bushel - the lowest since June 17. Corn fell 1.3% in the previous session.

* The most active soybean futures were up 0.1% at $8.77-1/2 a bushel, after closing flat on Monday.

* The most active wheat futures were down 0.4% at$4.87-1/2 a bushel, having closed up 1.7% on Monday.

* The USDA rated 72% of the U.S. corn crop in good to excellent condition in its weekly crop progress report, up 1 percentage point from a week ago.

* Analysts surveyed by Reuters on average had expected corn ratings to decline by 1 percentage point.

* The USDA said soybean planting was 96% complete, up from 93% a week earlier, slightly behind market forecasts.

* The USDA said the harvest of winter wheat was 29% complete, up from 15% last week. Analysts on average had expected progress to reach 30%.

MARKET NEWS

* The U.S. dollar was on the backfoot on Tuesday, while its Australian counterpart and other risk-sensitive currencies stood firm as markets clung on to hopes of an economic recovery from the pandemic despite rising infections.

* Oil prices were steady on Tuesday amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts.

* Wall Street’s major indexes closed higher on Monday with technology leading gains as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases.

Reporting by Colin Packham; Editing by Amy Caren Daniel

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