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GRAINS-Wheat up as USDA cuts crop rating, but rain forecasts cap gains

* Black Sea, U.S. rains seen curbing gains in wheat market

* Soybean futures fall from 4-year high, corn prices ease (Adds quote in paragraphs 3-4, details on Brazilian soybean planting)

SINGAPORE, Oct 27 (Reuters) - Chicago wheat futures edged higher on Tuesday after a U.S. report pegged the condition of the country’s crop below forecasts, although the gains were capped on expectations of rain in key exporting regions in the Northern Hemisphere.

Soybeans slid for the first time in seven sessions and corn also lost ground.

“Weather forecasters are more confident of a useful boost to soil moisture in dry wheat regions around the Black Sea and in the United States,” said Tobin Gorey, director of agricultural strategy at, Commonwealth Bank of Australia.

“While the moisture boost is useful, it remains short of enough to cross both regions off the watchlist. Nonetheless, the market is now less likely to cut production forecasts.”

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.3% at $6.21-3/4 a bushel by 0217 GMT.

Soybeans were down 0.1% at $10.82-3/4 a bushel, having climbed to highest since 2016 on Monday and corn lost 0.1% to $4.17-1/2 a bushel.

The U.S. Department of Agriculture (USDA) said 41% of U.S. winter wheat was in good or excellent condition, below analysts’ average expectation for 52%.

The USDA also said 85% of U.S. winter wheat was planted, slightly below forecasts.

Meanwhile, 72% of corn was harvested and 83% of soybeans were harvested, the USDA said, both slightly behind market expectations.

Exporters struck separate deals to sell 120,700 tonnes of U.S. soybeans to unknown buyers and 135,000 tonnes of U.S. soymeal to the Philippines, as per the USDA.

But, improved weather and advancing Brazilian soybean planting could weigh on the prices ahead.

Brazilian soybean farmers planted 23% of the estimated 2020/2021 crop through Thursday of last week, agribusiness consultancy AgRural said.

AgRural’s calculations showed about 5.6 million hectares (13.8 million acres) were planted with Brazil’s most prized agricultural export in the space of seven days.

Commodity funds were net buyers of CBOT soybean, soymeal and soyoil futures contracts on Monday, and net sellers of corn and wheat contracts, traders said. (Reporting by Naveen Thukral; editing by Uttaresh.V)

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