* U.S. corn and soybean crop ratings drop unexpectedly
* Chicago wheat futures rise after three days of losses
NEW YORK, July 27 (Reuters) - Chicago soybean and corn
futures gained for a second consecutive session on Tuesday after
a weekly U.S. government report showed the condition of both
crops deteriorated unexpectedly last week.
Wheat also rose, after three consecutive sessions of losses.
"We're seeing follow-through buying from yesterday's late
rally," said Terry Reilly, senior analyst with Futures
International in Chicago. "Crop conditions were surprisingly
lower than trade estimates for corn, beans and spring wheat."
The most active soybean contract on the Chicago Board of
Trade (CBOT) was up 1.2% at $13.74-1/4 a bushel at 11:29
a.m. EDT (1529 GMT), having hit a July 12 low of $13.32 early in
the previous session before rallying.
Corn was up 0.6% at $5.50 a bushel and wheat
rose 0.4% to $6.79-3/4 a bushel.
The deterioration in the condition of the U.S. corn and
soybean crops in the latest week came as dryness in growing
areas west of the Mississippi River stressed crops, the U.S.
Department of Agriculture said on Monday.
The agency said good-to-excellent ratings for corn fell by 1
percentage point to 64% in the week ended July 25, below market
The soybean crop was rated 58% good-to-excellent, down 2
percentage points from a week earlier and behind market
Spring wheat was rated 9% good-to-excellent, 2 percentage
points lower than a week earlier and 1 percentage point below
the average of analysts' forecasts.
Still, concerns about low export demand for U.S. wheat
supplies capped gains.
Russia's southern region of Krasnodar, one of the country's
largest wheat producing and exporting areas, harvested a record
grain crop of 12.4 million tonnes, its governor said on social
In Europe, meanwhile, crop monitor MARS expects the
torrential rains that hit the western part of the bloc this
month to have impaired crop quality rather than quantity.
(Reporting by Stephanie Kelly in New York; additional reporting
by Naveen Thukral in Singapore and Sybille de La Hamaide in
Editing by Marguerita Choy and David Goodman)