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GRAINS-Soybeans hit 6-day low as U.S. crop weather…

SYDNEY, July 28 – U.S. soybean futures fell more than 0.5% on Tuesday as the U.S. Department of Agriculture (USDA) said crop conditions were above market expectations, pushing prices to a six-day low.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.8% at $8.92 a bushel by 0056 GMT, the lowest since July 22.

* The most active corn futures were down 0.7% at $3.32-1/4 a bushel, having lost 0.1% in the previous session.

* The most active wheat futures were down 0.3% at $5.26-1/4 a bushel, after closing 2.2% lower on Monday.

* The USDA on Monday rated 72% of both corn and soybeans as good-to-excellent condition, better than the average of estimates in a Reuters survey of 10 analysts that had the crops holding steady at 69% in the past week. The USDA report raised the potential for a large harvest.

* The USDA also confirmed more U.S. soybean export sales to China, along with sales to Mexico. It was the 10th straight day that the USDA announced soybean sales to either China or unknown destinations, which is often thought to be China.

* Moscow-based consultancy IKAR raised its Russian wheat crop forecast on Monday due to high yields in some regions.

MARKET NEWS

* The dollar nursed losses on Tuesday, after slumping to a two-year low, as investors worry about the coronavirus’ damage to the U.S. economy and await the both latest outlook from the Federal Reserve and the passage of a new fiscal rescue package.

* Asian equities were set for a modest rise on Tuesday as investors weighed progress in U.S. government stimulus efforts against rising tensions with China and the growing coronavirus pandemic, while gold hit a record high.

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

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