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Chicago corn futures tick up, U.S. crop condition caps gains

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SINGAPOREChicago corn futures edged

higher on Wednesday with bargain-buying supporting prices after

the market dropped to its lowest in seven weeks, although gains

were limited by improved condition of the U.S. crop.

Soybeans remained under pressure after closing lower on

Tuesday on renewed concerns over U.S.-China trade war, while

wheat gained ground, recouping some of last session’s losses.

The Chicago Board of Trade most-active corn contract

rose 0.4% to $4.22-1/2 a bushel by 0354 GMT, soybeans

gained 0.2% to $8.98-1/4 a bushel and wheat added 0.4% to

$4.99-1/4 a bushel.

The corn market on Monday dropped to its lowest since June

11 at $4.12 a bushel.

The U.S. Department of Agriculture in its weekly crop

progress report said 58% of U.S. corn was in good to excellent

condition, up one percentage point from last week. Analysts had

on average expected 57%.

“The crop condition is fine and now everyone is awaiting

acreage report due next month,” said a Singapore-based trader.

“The acreage report will provide a direction to corn prices.”

The market is on edge about the crop’s size and condition

after heavy rains caused unprecedented planting delays this

spring. It is waiting for the USDA to issue updates on how much

corn and soybeans were planted in a report next month.

Traders are also watching the new round of U.S.-China talks

this week to settle the trade war that has slashed U.S. soybean

exports to China. But dealers were wary about chances of a

breakthrough.

U.S. President Donald Trump on Tuesday warned China against

waiting out his first term to finalize any trade deal, saying if

he wins re-election in the November 2020 presidential contest,

the outcome could be no agreement or a worse one.

Trump said China appeared to be backing off on a pledge to

buy U.S. agricultural products, which U.S. officials have said

could be a goodwill gesture and part of any final pact.

The USDA is expected to report that 4.782 million short

tonnes, or 159.4 million bushels, of soybeans were crushed at

U.S. processing plants in June, according to the average

forecast of eight analysts surveyed by Reuters ahead of monthly

data.

A heatwave in the European Union’s main wheat producers last

week helped farmers to make rapid progress with harvesting, with

some crop forecasts being raised, experts said on Tuesday.

Record-high temperatures in France, Germany and Britain

created ideal conditions for wheat harvesting, with the dry,

warm weather allowing mechanical combine harvesters to operate

at full capacity.

Grains prices at 0354 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI

CBOT wheat 499.25 2.00 +0.40% +0.66% 514.05 45

CBOT corn 422.50 1.50 +0.36% -0.47% 439.78 29

CBOT soy 898.25 1.50 +0.17% -0.31% 912.53 41

CBOT rice 12.09 -$0.01 -0.04% -0.86% $11.77 60

WTI crude 58.47 $0.42 +0.72% +2.81% $57.56

Currencies

Euro/dlr $1.115 $0.003 +0.26% +0.08%

USD/AUD 0.6890 -0.002 -0.26% -0.86%

Most active contracts

Wheat, corn and soy US cents/bushel. Rice: USD per

hundredweight

RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and

Gopakumar Warrier)

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