Oct 8 (Reuters) - U.S. corn futures edged higher on Tuesday to extend gains into a second straight session after the U.S. Department of Agriculture (USDA) pegged the North American harvest pace behind market expectations.
* The most active corn futures on the Chicago Board of Trade were up 0.3% at $3.88-1/4 a bushel by 0023 GMT, having gained 0.6% in the previous session.
* The most active soybean futures were up 0.2% at $9.16-1/4 a bushel, having closed down 0.1% on Monday.
* The most active wheat futures were up 0.1% at $4.89-3/4 a bushel, having closed down 0.2% on Monday.
* The USDA said 15% of the corn crop has been harvested, well below analysts' forecasts.
* The USDA also said 56% of the corn crop is in good to excellent condition, slightly behind market forecasts.
* On soybean crop, the USDA said 14% of the crop has been harvested, slightly behind market forecasts.
* The USDA added that 54% of the soybean crop is in good to excellent conditions, slight behind expectations.
* On winter wheat crop, the USDA said 52% of the crop has been planted, lagging behind forecasts.
* The market now eyes next USDA supply/demand report on Oct. 10.
* Analysts surveyed by Reuters on average expect the government to lower its forecasts of U.S. yield, production and 2019/20 ending stocks for both corn and soybeans.
* Corn also draws support from forecasts for late-week snowstorms across the Dakotas and western Minnesota followed by a cold spell. Lows in northwest Iowa next weekend could dip to 28 degrees Fahrenheit (minus 2 Celsius).
* The dollar edged higher against a basket of currencies on Monday as traders awaited U.S.-China trade talks later in the week for clues to the state of the prolonged trade war between Washington and Beijing, even as chances of a deal appeared low.
* Oil prices settled lower on Monday, paring earlier gains as hopes of a comprehensive U.S.-China trade deal faded and a new poll showed analysts expected U.S. oil crude inventories to have risen last week.
* U.S. stocks eased on Monday as reports on the U.S.-China trade front kept investors cautious ahead of scheduled talks later in the week.
Grains prices at 0023 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 489.75 0.50 +0.10% -0.15% 480.77 52CBOT corn 388.25 1.25 +0.32% +0.91% 372.13 64CBOT soy 916.25 1.50 +0.16% +0.05% 887.38 68CBOT rice 11.63 -$0.01 -0.13% -0.26% $11.97 30WTI crude 53.00 $0.25 +0.47% +0.36% $55.97 33
Euro/dlr $1.097 $0.000 +0.02% -0.04%USD/AUD 0.6730 0.000 -0.01% -0.56%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; editing by Uttaresh.V)