SYDNEY, Aug 25 (Reuters) - U.S. corn futures rose more than 1.5% on Tuesday to hit a more than one-month high after the U.S. Department of Agriculture (USDA) pegged the condition of crops behind market expectations.
* The most active corn futures on the Chicago Board Of Trade were up 1.7% at $3.50-3/4 a bushel, their highest since July 20. Corn firmed 1.3% in the previous session.
* The most active soybean futures were up 1.1% at $9.16 a bushel, after firming 0.1% on Monday.
* The most active wheat futures were up 0.6% at $5.30-3/4 a bushel, after closing down 1.4% on Monday.
* The USDA’s good-to-excellent ratings on Monday for the country’s corn and soybean crops came in below analyst expectations, falling even further than the expected 2 percentage points each as conditions in the Midwest deteriorated due to hot and dry weather.
* Corn experienced the biggest decline, with just 64% of the crop rated good to excellent, a 5 percentage point fall from last week and 3% lower than analyst expectations.
* Advisory service Pro Farmer on Friday projected U.S. corn and soybean harvests will be below the U.S. government’s forecasts, with a corn crop of 14.820 billion bushels and a soybean crop of 4.362 billion bushels.
* The dollar held firm, shrugging off selling pressure from a move higher in equities, as investors seemed to temper their bearish bets against the greenback ahead of a Thursday speech from U.S. Federal Reserve Chair Jerome Powell
* Oil prices rose on Monday as storms headed for the Gulf of Mexico shut more than half of the region’s offshore production, with the more dangerous of the two storms expected to strike later in the week.
* Asia’s stock markets opened higher following a Wall Street rally driven by vaccine hopes, while the dollar found some support ahead of a key central bank speech.
Reporting by Colin Packham; Editing by Rashmi Aich
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