×

GRAINS-Corn falls 1 pct on reassuring U.S. crop progress data

* USDA report shows corn, soy seeding pace near average

* Data eases worries about excessive rain slowing progress

* Wheat sags on surprise improvement in USDA crop ratings

(Recasts with U.S. trading, updates prices, adds analyst comments, changes dateline previously HAMBURG) CHICAGO, May 23 (Reuters) - U.S. corn futures fell more than 1 percent on Tuesday on profit-taking and easing concerns about planting delays due to excessive moisture in the Midwest, analysts said. Soybean and wheat futures also declined, with wheat pressured by better than expected weekly U.S. condition ratings. As of 12:24 p.m. CDT (1724 GMT), Chicago Board of Trade July corn was down 5-1/4 cents at $3.69-3/4 per bushel. July soybeans were down 7 cents at $9.49-1/2 a bushel and July wheat was down 4-1/2 cents at $4.29-3/4 a bushel. Corn fell after the U.S. Department of Agriculture said late on Monday that the U.S. corn crop was 84 percent planted, slightly behind an average of trade expectations but close to the five-year average of 85 percent. "If you look at a spring rainfall map in the Midwest, you have to be impressed (that) these planting numbers are as high as they are," said Rich Feltes, vice president for research with R.J. O'Brien. The USDA estimated that U.S. soybean plantings were 53 percent complete, above the five-year average of 52 percent. "Both corn and soybean sowings showed reasonable progress last week despite the worries about wet weather disrupting work," said Matt Ammermann, commodity risk manager at INTL FCStone. The CBOT July corn contract set back after reaching $3.77-1/2 on Monday, its highest level since May 2. Traders await the USDA's first corn condition ratings for the season, which the government expects to release in its next weekly crop progress report on May 30. CBOT wheat futures declined after the USDA rated 52 percent of the U.S. winter wheat crop as good to excellent, up from 51 percent a week earlier. Analysts on average had expected a decline, given wet conditions in the southern Plains and Midwest that raised concerns about yield prospects and grain quality. "Wheat condition is also shown by the USDA as pretty decent, again not confirming some earlier fears about the impact of rain," Ammermann said.

CBOT prices at 12:23 p.m. CDT (1723 GMT):

Last Net Pct Volume

change change

CBOT wheat WN7 429.75 -4.50 -1.0 51217 CBOT corn CN7 369.75 -5.25 -1.4 128995 CBOT soybeans SN7 949.75 -6.75 -0.7 62118 CBOT soymeal SMN7 306.70 -1.10 -0.4 38290 CBOT soyoil BON7 32.46 -0.48 -1.5 36853

NOTE: CBOT wheat, corn and soybeans shown in cents per bushel, soymeal in dollars per short ton and soyoil in cents per lb.

(Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore, Editing by Ed Osmond and Matthew Lewis)