PARIS/SINGAPORE: Chicago corn eased for a fourth session on Tuesday as an improved crop rating and an advancing harvest in the United States created supply pressure, while a dollar rally and lingering storm disruption cooled export sentiment.
Wheat tracked corn lower but soybeans ticked up, steadying after a near three-month low.
The US Department of Agriculture (USDA) said after Monday's market close that the US corn harvest was 10% complete, ahead of the five-year average of 9% for this time of year.
The USDA rated 59% of the US corn crop in good-to-excellent condition, up 1 percentage point from the previous week, while also raising its soybean good-to-excellent score by 1 point to 58%. Analysts on average had expected no change to either rating.
The crop update tempered supply worries that had helped push corn to a two-week high last week.
"Overall, prices are in a holding pattern as there are no new supply challenges," Phin Ziebell, an agribusiness economist at National Australia Bank, said. "US dollar strength is impacting prices and we have supplies coming in the market from the US harvest."
The dollar index hit a one-month peak on Monday in a rush to safety as investors fretted over the risk of a default by property developer China Evergrande. The US currency edged lower on Tuesday.
A stronger dollar makes US grains less attractive to overseas buyers.
Corn, soyabeans slump on harvest pressure, falling equities, oil
US grain shipments have seen a lull following damage to US Gulf Coast terminals caused by last month's Hurricane Ida.
USDA data on Monday showed corn export inspections were down 48% from the same week a year ago, while soybean inspections were down 80%.
However, in a sign activity was resuming, US corn and soy exports increased from the previous week, the data showed.
The most-active corn contract on the Chicago Board Of Trade (CBOT) was down 0.8% at $5.17-1/2 a bushel by 1134 GMT.
CBOT wheat gave up 0.3% to $6.99 a bushel. Soybeans added 0.2% to $12.64-1/2 a bushel, steadying after earlier touching their lowest since June 25 at $12.60-1/4.