By Mark Weinraub
CHICAGO, US, Jun 2 (Reuters) – Corn futures on the Chicago Stock Exchange fell 2.8% on Wednesday, pressured by a government report that showed the condition of the US crop was better than expected. , according to operators.
* Wheat futures performed unevenly. Contracts for US winter wheat were down, while those for spring grain rose to a four-year high on concerns about dryness in the North Plains of the United States.
* Soybeans strengthened after a rise in soybean oil prices stemming from concerns about the global supply of edible oil.
* At 1623 GMT, July corn futures were down 19.25 cents at $ 6.6950 a bushel.
* The U.S. Department of Agriculture rated 76% of the U.S. corn crop on Tuesday as good or excellent, in its first 2021 crop condition notes, above the average estimate of 70% in a survey. to Reuters analysts.
* “The ratings for corn were well above estimates,” said Ed Duggan, risk management specialist at Top Third Ag Marketing. “That has weighed on things a bit.”
* Traders also saw some profit-taking in the corn market after a 4.9% rally on Tuesday that pushed prices for the most active contract to their highest since mid-May.
* Soft red winter wheat for July was down 10.5 cents to $ 6.83 and hard red winter wheat in Kansas City was down 10 cents at $ 6.275 a bushel.
* But MGEX spring wheat futures for July delivery were up $ 8.5 to $ 7.80, the highest continuously for next month’s contract since June 11, 2017.
* The USDA said good to excellent grades for spring wheat fell to 43% from 45% the week before. A year ago, the harvest was rated 80% good to excellent.
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* “It’s still very hot in the Dakotas with limited rainfall,” said Greg Grow, director of agribusiness for Archer Financial Services.
* July soybean futures were up 4.25 cents at $ 15.5275.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Edited in Spanish by Javier López de Lérida)