CANBERRA, July 13 (Reuters) - U.S. wheat futures edged up on
Tuesday on concerns about global shortages after the U.S.
Department of Agriculture cut its harvest forecast, pushing
prices towards a near two-week high.
* The most active wheat futures on the Chicago Board Of
Trade were up 0.2% at $6.41-3/4 a bushel by 0117 GMT,
having closed 4.2% firmer on Monday when prices hit a July 2
high of $6.45 a bushel.
* The most active soybean futures were up 0.1% at
$13.52-1/4 a bushel, near the session high of $13.55-1/2 a
bushel - the highest since July 6. Soybeans firmed 0.7% on
* The most active corn futures were down 0.4% at $5.31
a bushel, having gained 3.1% in the previous session.
* The U.S. Department of Agriculture, in a monthly report,
slashed its harvest outlook for spring wheat, other than durum,
by 41% year-on-year to 345 million bushels, putting it 25% below
the average of analysts' estimates.
* The USDA, in a separate weekly report, said 16% of the
U.S. spring wheat crop was in good-or-excellent condition, down
from 68% a year earlier and in line with forecasts.
* The USDA raised its monthly forecast for the U.S. corn
harvest and left its soybean crop estimate unchanged.
* In the weekly report on crop conditions, the agency raised
its good-to-excellent rating for corn by one percentage point
from last week, matching market expectations.
* The dollar found support on Tuesday ahead of U.S.
inflation data, with investors on edge over whether the figures
may offer clues about likely timing of tapering and interest
* Oil rose on Tuesday, recovering from the previous day's
drop, as expectations of further declines in U.S. crude
inventories outweighed fears that spreading COVID-19 variants
could derail a global economic recovery.
* A gauge of global stocks closed at a record on Monday and
U.S. Treasury yields held above five-month lows touched last
week as investors looked for signs on whether the Delta variant
of the COVID-19 coronavirus could hamper economic growth.
(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)