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Soybeans, corn rise after U.S. crop conditions report

07/27/2021 | 11:50am EDT

* 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 expectations.

The soybean crop was rated 58% good-to-excellent, down 2 percentage points from a week earlier and behind market forecasts.

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 media.

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 Paris Editing by Marguerita Choy and David Goodman)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.42% 527.25 End-of-day quote.9.40%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 -0.75% 465.25 End-of-day quote.0.00%
MSCI SINGAPORE (GDTR) 0.30% 6552.134 Real-time Quote.12.58%
S&P GSCI CORN INDEX 0.14% 435.2941 Delayed Quote.8.78%
S&P GSCI SOY BEANS INDEX -0.23% 509.7761 Delayed Quote.-2.06%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -0.47% 338.6 End-of-day quote.-21.69%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.60% 708.75 End-of-day quote.10.66%
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