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

09/20/2021 | 10:39pm EDT

CANBERRA, Sept 21 (Reuters) - U.S. corn futures fell for a fourth straight session on Tuesday to approach a one-week low, as a better-than-expected crop condition report eased expectations of lower yields after recent adverse weather.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.2% at $5.20-1/4 a bushel by 0218 GMT, having closed down 1% in the previous session when prices hit a Sept. 14 low of $5.15-1/4 a bushel.

* The most active soybean futures were up 0.2% at $12.65-1/2 a bushel, having earlier hit a June 25 low of $12.61-1/2 a bushel. Soybeans closed down 1.7% on Monday.

* The most active wheat futures were down 0.4% at $6.98-1/2 a bushel, after ending 1.1% lower on Monday.

* The U.S. Department of Agriculture (USDA) said the corn harvest was 10% complete, up from 4% the previous week and ahead of the five-year average of 9% for this time of year.

* The USDA rated 59% of the U.S. corn crop in good-to-excellent condition, up 1 percentage point from the previous week, and soybean ratings improved by 1 point to 58% good-to-excellent.

* Analysts surveyed by Reuters on average had expected no change for either crop.

* The volume of corn and soybeans weighed and inspected for export remained well below normal levels last week, USDA data on Monday showed.

* Corn export inspections were down 48% from the same week a year ago, while soybean inspections were down 80%.

MARKET NEWS

* The offshore yuan wallowed near an almost one-month low on Tuesday while the safe-haven dollar and yen stood tall as investors sought shelter from a potential China Evergrande default.

* Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies.

* Global stock markets on Tuesday were caught in the grip of contagion fears sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt prompted investors to flee riskier assets.

(Reporting by Colin Packham; Editing by Devika Syamnath)


© Reuters 2021
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