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GRAINS-Corn and soybeans fall as U.S. crop conditions look good

* U.S. corn and soybean crops look in good state

* More supplies coming onto the market

* Wheat dips but Australian crop causes concern

(Recasts with European trade, adds new comment, changes dateline) HAMBURG, Oct 24 (Reuters) - U.S. corn and soybean futures fell on Tuesday after the U.S. Department of Agriculture (USDA) gave a mostly positive picture of crops in the United States in its weekly assessment late on Monday. "Markets today are generally weak as the U.S. harvest is progressing relatively well with new harvest supplies coming into the market," said Graydon Chong, senior commodity analyst with Rabobank. Wheat also fell as U.S. sowings made good progress, but attention was turning to expectations of large crop losses in major wheat exporter Australia.

Chicago Board of Trade December corn was down 0.2 percent at $3.50-1/2 a bushel at 1032 GMT, having earlier on Tuesday touched its highest level since Oct. 16 at $3.52-1/4 a bushel. Corn rose 1.9 percent on Monday. December wheat fell 0.3 percent to $4.35-1/4 a bushel, having risen 2.4 percent on Monday. The November soybeans contract was down 0.2 percent at $9.78-3/4 a bushel after rising 0.1 percent on Monday. In its weekly crop conditions report on Monday the USDA assessed 66 percent of the U.S. corn crop as being in good to excellent condition, which compared with analysts' forecast of 65 percent. The U.S. soybean harvest was 70 percent complete, ahead of analysts' forecast of 64 percent. "For soybeans, the U.S. harvest is moving forward at a fast pace while there is also currently favourable weather in other major production regions, especially South America," Chong said. "The picture for soybeans is overall good with no serious problems at this stage." "For corn, the condition of the U.S. crop is also favourable and I do not think there is major concern about the slowish pace of U.S. harvesting at the moment. Some recent U.S. yield data has been better than the market expected so I think a relaxed view is being taken of the slight delay in the harvesting." The USDA said just 38 percent of the U.S. corn crop was harvested as of Sunday, behind analysts' forecast of 44 percent. "The USDA harvest pace may provide some temporary support to prices but unless that begins to show the crop is in a terrible condition, I can't see a sustained rally," said Phin Ziebell, agribusiness economist, National Australia Bank. The USDA said 75 percent of U.S. winter wheat was planted, ahead of analysts' forecast of 73 percent. "U.S. wheat planting is also going well while large wheat export supplies from the Black Sea region continue to be a burden," Chong said. "Some background support is coming from fears of a large reduction in the Australian crop after poor weather." Grains prices at 1032 GMT:

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 435.50 -1.25 -0.29% +2.23% 442.39 51 CBOT corn 350.50 -0.75 -0.21% +1.74% 350.71 54 CBOT soy 978.75 -2.00 -0.20% +0.00% 972.59 49 CBOT rice $11.93 -$0.05 -0.42% -1.24% $12.21 40 WTI crude $52.28 $0.38 +0.73% +1.57% $50.91 66

Currencies

Euro/dlr $1.176

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

RSI 14, exponential

(Reporting by Michael Hogan and Colin Packham; Editing by Greg Mahlich)