Chicago wheat and corn futures fell on Tuesday after the US Department of Agriculture (USDA) gave a positive picture of US crop progress. Soyabeans rose after recent sharp declines, largely caused by the US-China trade war, created buying opportunities. Chicago Board of Trade most-active wheat was down 1.1 percent at $5.21-1/4 a bushel at 1052 GMT. Corn fell 0.2 percent to $3.59-1/2 a bushel, soyabeans rose 0.5 percent to $8.45-3/4 a bushel.
The USDA said after Monday's market close that 16 percent of US corn was harvested by Sunday, the same as analysts' expectations and against 11 percent this time last year. Some 28 percent of US winter wheat was planted against analysts' expectations of 25 percent and 26 percent last year.
"The USDA gave a positive picture of US corn and wheat in its crop progress report late on Monday which is weakening markets today," said Charles Clack, agricultural commodity analyst at Rabobank. "The USDA said US corn harvesting is progressing well, faster than last year at 16 percent finished. A very large US corn crop is expected and although there is still a long way to go, we are not seeing new fear factors today. This large US corn crop is likely to continue hanging over the market."
Soyabeans rose despite the continuing trade war between the US and China, which buys 60 percent of the oilseed traded worldwide. US soyabean exports to China have almost stopped since July when Beijing imposed heavy tariffs on US imports.
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