July 23, 2019 / 2:51 AM / in a month

GRAINS-Corn recovers from near 3-week low, US crop rating supports

    * US corn 57% in good-to-excellent condition, below
    * Wheat firms after last session's deep losses; soybeans
tick up

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, July 23 (Reuters) - Chicago corn futures rose on
Tuesday as the market rebounded from last session's three-week
low after a U.S. government report showed the country's crop
condition lagging behind market expectations.
    The wheat market edged higher on bargain-buying, having
suffered its biggest one-day fall in nearly a month on Monday,
while soybeans gained ground.
    The most-active corn contract on the Chicago Board Of Trade
 was up 0.8% at $4.30 a bushel by 0223 GMT, having closed
down 2.1% in the previous session when prices hit the lowest
since July 2.
    Wheat added 0.4% to $4.89-1/4 a bushel, after closing
down 3% on Monday, the biggest one-day drop since June 28 and
soybeans were up 0.3% at $9.08-1/4 a bushel, having closed
down 1.5% in the last session.
    The U.S. Department of Agriculture (USDA) said 57% of U.S.
corn was in good to excellent condition, down 1 percentage point
from last week and below analyst expectations.

    "The corn market is being supported by the USDA's crop
rating report which was slightly below expectations," said Ole
Houe, director of advisory services at brokerage IKON
    "But there is starting to be discussion between traders that
yields may turn out better than expected."
    Soybeans and spring wheat crop progress results were
unchanged in the report, holding firm at 54% and 76%
respectively, in line with market expectations. 
    The European Union's crop monitoring service, MARS, on
Monday cut its forecast of the EU soft wheat yield this year to
6.04 tonnes per hectare (t/ha) from 6.10 t/ha last month. 
    Still, that would be 7.3% above last year's level and 1.6%
higher than the average of the past five years, MARS said in a
monthly report.
    The soybean market is anxiously awaiting progress in the
U.S.-China trade talks.
    U.S. President Donald Trump said on Friday U.S. Treasury
Secretary Steve Mnuchin had a very good talk with his Chinese
counterpart, amid signals from China that officials could soon
meet face-to-face in their bid to end a yearlong trade war.

    Commodity funds were net sellers of CBOT wheat, corn,
soybean, soymeal and soyoil contracts on Monday, traders said.

 Grains prices at 0223 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  489.25  2.00     +0.41%   -2.64%       520.26  35
 CBOT corn   430.00  3.25     +0.76%   -1.32%       443.57  43
 CBOT soy    908.25  2.50     +0.28%   -1.20%       913.96  51
 CBOT rice   11.92   $0.00    +0.00%   +0.25%       $11.75  71
 WTI crude   56.25   $0.03    +0.05%   +1.11%       $56.66  
 Euro/dlr    $1.120  -$0.001  -0.08%   -0.19%               
 USD/AUD     0.7027  -0.001   -0.10%   -0.21%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; editing by Gopakumar Warrier)
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