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U.S. grains: Soybeans rise for second day after U.S. crop conditions report

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New York | Reuters – Chicago soybean rose for a second consecutive session on Tuesday, after a weekly U.S. government report showed crop conditions deteriorated unexpectedly last week.

Corn and wheat both fell as traders took profits at midday after prices rose in the session.

“It’s a trading range without much conviction,” said Brian Hoops, senior market analyst at Midwest Market Solutions. “There was profit-taking that pushed the (corn and wheat) market lower after being higher overnight.”

The most active soybean contract on the Chicago Board of Trade (CBOT) ended 1.75 cents higher at $13.59-1/2 per bushel, having hit a July 12 low of $13.32 early in the previous session before rallying.

Corn dropped 0.5 cents to $5.46-1/4 per bushel. Wheat ended down 2.5 cents at $6.74-1/2 per bushel, falling for the fourth consecutive session.

U.S. corn and soybean crops deteriorated in the latest week from dryness in growing areas west of the Mississippi River, the U.S. Department of Agriculture said on Monday.

The agency said good-to-excellent ratings for corn fell by 1 percentage point to 64 percent in the week ended July 25, below market expectations.

The soybean crop was rated 58 percent good to excellent, down 2 percentage points from a week earlier and behind market forecasts.

Spring wheat was rated 9 percent good to excellent, 2 percentage points lower than a week earlier and 1 percentage point below the average of analysts’ forecasts.

Concerns about low export demand for U.S. wheat supplies also weighed on prices.

Russia’s southern region of Krasnodar, one of the country’s largest wheat producing and exporting areas, harvested a record grain crop of 12.4 million tonnes, its governor said on social media.

In Europe, crop monitor MARS expected torrential rains that hit the western part of the bloc this month to have impaired crop quality rather than quantity.

– Additional reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris.

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