×

GRAINS-Corn rebounds from near 1-year low on U.S. crop concerns

* Widely watched U.S. crop tour reports poor yields

* Soybeans and wheat bounce after Monday's falls

(Recasts with European trade, adds new comment, changes dateline) HAMBURG, Aug 22 (Reuters) - U.S. corn prices rose on Tuesday, rebounding from a near one-year low hit on Monday, as reports of disappointing U.S. harvest yields from a widely-watched crop tour raised concern that production will not match official estimates. Wheat and corn rose on buying interest after wheat hit contract lows on Monday in turn on pressure from big global supplies. Chicago Board of Trade December corn was up 0.2 percent at $3.63-3/4 a bushel at 1014 GMT, after dropping to $3.60-3/4 on Monday, its lowest since September 2016. December wheat was up 0.3 percent at $4.38-1/2 a bushel after setting a contract low of $4.35-1/2 on Monday. November soybeans were up 0.2 percent at $9.38-3/4 a bushel, having closed down 0.2 percent on Monday. "Corn, wheat and soybeans are seeing a bounce upwards today on buying interest following their falls on Monday," said Matt Ammermann, commodity risk manager at INTL FCStone. Initial results of the Farm Journal Midwest Crop Tour was underpinning corn prices. Expert scouts in the crop tour visit leading U.S. grain and soybean farming areas and give an assessment of crop conditions. "Corn is seeing some support from the initial results of the crop tours which did not identify good yields in their initial samplings," Ammermann said. "But the crop tours are in their very early stages and I think it is too early to draw major conclusions about the state of U.S. corn." Corn yield potential in southeastern South Dakota was below average, with soybean pod counts also low as crops showed signs of stress in the fields, scouts on the tour found on Monday. Corn yields in western Ohio were slightly above average, but excessive early-season rains likely limited the crop's potential, scouts said. "USDA (U.S. Department of Agriculture) forecasts of U.S. corn yields are seen as too optimistic following the poor weather earlier this year and I think the market is almost willing the crop tour to assess corn yields below the USDA's estimates," Ammermann said. "Wheat is recovering slightly after contract lows were seen on Monday but overall the picture remains bearish because of large Black Sea crops, especially in Russia. Low prices are also attracting buying interest in soybeans, with expectations the low market could attract more export interest for U.S. soybeans especially from China as the US export sales on Monday illustrated."

Grains prices at 1014 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 438.50 1.50 +0.34% +6.89% 411.50 19 CBOT corn 363.75 0.75 +0.21% +4.00% 349.25 33 CBOT soy 939.75 3.50 +0.37% -7.89% 994.03 45 CBOT rice $12.48 $0.01 +0.04% +27.22% $10.10 49 WTI crude $47.51 $0.14 +0.30% +0.04% $47.39 45

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight

RSI 14, exponential

(Reporting by Michael Hogan, additional reporting by Colin Packham, editing by David Evans)