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.