SYDNEY, July 19 (Reuters) – U.S. corn futures fell nearly 1 percent on Tuesday after the U.S. Department of Agriculture pegged the condition of the U.S. crop at above market expectations, though concerns over unfavourable weather provided a floor to losses.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade Cv1 fell 0.83 percent to $3.60-1/4 a bushel, having gained 1.4 percent in the previous session.
* The most active soybeans futures Sv1 lost 1 percent to $10.55-3/4 a bushel, having firmed 0.85 percent on Monday.
* The most active wheat futures Wv1 dropped 0.81 percent to $4.26 a bushel, having closed up 1.1 percent on Monday.
* USDA rated 76 percent of the corn crop as good to excellent, unchanged from a week earlier.
* Analysts surveyed by Reuters ahead of the report had expected a slight decline.
* USDA rated 71 percent of the soybean crop as good to excellent, unchanged from the previous week and in line with trade expectations.
* Weather in the U.S. Midwest remained the focus. Forecasts called for temperatures to reach the mid- to upper 90s Fahrenheit this week, with readings possibly topping 100 degrees F (38 C) from Missouri to South Dakota.
MARKET NEWS
* The yen hovered near 3-1/2-week lows on Tuesday on a combination of growing expectations of monetary easing by the Bank of Japan, a broad recovery in risk appetite and speculation about M&A-related yen-selling. USD/
* Oil prices eased in early Asian trade on Tuesday as concerns over a crude and fuel oil glut outweighed an expected cut in U.S. shale production and a likely further draw in U.S. crude stocks. O/R
* Wall Street closed slightly higher on Monday to mint new record highs for the S&P 500 and the Dow industrials, fuelled by Bank of America’s better-than-expected profit and a major tech sector acquisition.
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