GRAINS-Corn, ticks up after falls, good U.S. crop outlook still weighs
* December corn up, snaps 4 days of losses
* Bargain buying supports corn prices
* Hopes of record U.S. production caps gains
* Good U.S. harvest outlook pressures soybeans, wheat
(Updates prices) HAMBURG/SINGAPORE, Aug 7 (Reuters) - U.S. corn edged slightly higher on Wednesday, recovering from its lowest level in nearly three years, as bargain hunting supported agricultural markets. But gains were capped by prospects for excellent U.S. harvests, which also pressured soybeans and wheat. "The positive harvest outlook in the United States is continuing to provide a weak mood in soybean, corn and wheat markets," said Ole Hansen, head of commodity strategy at Saxo Bank. "There is no respite to the positive U.S. crop news with the weather behaving really well and supporting the outlook for bumper harvests. We are seeing some support for corn on bargain hunting today, but the market is still overall weak because of the improving U.S. crop outlook." Chicago Board of Trade new crop December corn rose 0.05 percent to $4.59-1/2 a bushel by 1003 GMT after hitting its lowest since October 2010 on Tuesday. Chicago August soybeans fell 0.3 percent to $13.19-3/4 a bushel, their lowest since March 2012 and following the previous session's 14-month low. Spot-month September wheat fell 0.3 percent to $6.48-1/4 a bushel. Some end users have decided to put corn in their inventories at current low prices, said Stefan Meyer, a manager for cash markets at brokerage INTL FCStone. Cool temperatures in the U.S. Midwest into mid-August will enhance corn and soybean yield prospects despite some areas of dryness, the Commodity Weather Group said. "As the days go by we start to see more selling as U.S. farmers may start to wonder when the falls will stop, with a strong downward momentum visible at the moment," Hansen said. The U.S. corn crop in heading for a record output this year. Goldman Sachs Group Inc has raised its forecast for 2013 U.S. corn production due to good crop weather, and lowered its price forecast for the crop. It cut the price forecast for CBOT corn to $4.25 per bushel from $4.75. Condition ratings for U.S. corn and soybeans edged higher in the latest week, spurred by improving crop health in Illinois, the U.S. Department of Agriculture (USDA) said. The USDA said good-to-excellent ratings, the highest ranking, for both corn and soybeans rose 1 percentage point to 64 percent as of Aug. 4, slightly beating market forecasts.
* Prices at 1003 GMT
Product Last Change Pct Move End 2012 Ytd Pct Paris wheat 184.00 -0.50 -0.27 195.25 -5.76 Paris maize 168.50 0.75 +0.45 197.25 -14.58 Paris rape 354.00 -2.25 -0.63 421.50 -16.01 CBOT wheat 648.25 -2.25 -0.35 671.25 -3.43 CBOT corn 459.75 0.50 +0.11 654.75 -29.78 CBOT soybeans 1192.25 -1.25 -0.10 1207.75 -1.28 Crude oil 105.40 0.10 +0.09 98.83 6.65 Euro/dlr 1.3294 * All grain and oilseed prices for second position. Paris futures prices in
Euros per tonne, London wheat in pounds per tonne and CBOT in cents per bushel.
(Editing by Keiron Henderson)