CANBERRA: US wheat futures fell on Tuesday, snapping a six-session rally and slipping from a near nine-year high, as concerns over global supplies were tempered when the US Department of Agriculture said crop condition was better than expected.
Fundamentals
The most active wheat futures on the Chicago Board Of Trade were down 0.1% at $8.25-3/4 a bushel by 0240 GMT, after closing up 1.1% on Monday when prices hit a December 2012 high of $8.29-1/2 a bushel.
The most active soybean futures were up 0.3% at $12.60-1/2 a bushel, after closing down 0.1% on Monday.
The most active corn futures were up 0.1% at $5.77-1/4 a bushel, having gained 1% in the previous session.
The US corn harvest was 91% complete as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 86% and matching the average estimate in a Reuters poll of analysts.
The US soybean crop was 92% harvested, the USDA said, behind the five-year average of 93% but in line with analyst expectations.
Condition ratings for the US winter wheat crop improved, despite most analysts' expectations for no change. The USDA rated 46% of the 2022 winter wheat crop in good-to-excellent condition, up from 45% a week earlier.
The National Oilseed Processors Association on Monday said the October soybean crush rose to 183.993 million bushels, topping the average of market forecasts. The monthly total was the third-highest on record.
Private exporters reported the sale of 264,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the US Agriculture Department said. The deal was the biggest daily soybean sale in a month.
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