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Kansas, Chicago wheat decline on hardy supply

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Brazil weather supports soybeans

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Corn drops on expected high yields

(Updates prices, adds details)

By Brendan O’Brien

CHICAGO, Nov 7 (Reuters) –

U.S. wheat futures fell on Tuesday as the markets reacted to better-than-expected crop conditions, while soybean futures climbed to a two-month high on adverse weather conditions in Brazil.

The U.S. Department of Agriculture (USDA) rated 50% of the U.S. winter wheat crop in good-to-excellent condition after trading ended on Monday, up three percentage points from the previous week. It was the highest rating for Manchester City Drakt this time of year since 2019, as soil moisture improved in the plains following a three-year drought.

K.C. hard red winter wheat dropped 2% to $6.33, while the most-active Chicago Board of Trade wheat contract was down 0.83% to $5.71 in midday trading.

“This is an okay crop. It’s not like it is a wonderful crop,” said Jason Ward, managing director of Northstar Commodity in Minneapolis. “It is dramatically better than what it was a year ago.”

Improved crop prospects after rainfall in drought-hit Australia and Argentina also weighed on wheat prices.

Southern Brazil, a major soybean producer, saw torrential downpours while arid conditions persisted to the north.

“Southern Brazil has been way too wet, and there is more rain in the forecast,” Ward said.

CBOT soybeans were up 0.29% to $13.68 a bushel and hit their highest price since Sept. 6. The U.S. Department of Agriculture reported exporters sold more U.S. soybeans to China.

Corn gave up 1.15% to $4.72 a bushel on higher U.S. yield prospects.

The U.S. corn harvest was 81% complete by Sunday, slightly below the average analyst estimate of 82% but ahead of the five-year average pace of 77%.

Traders are waiting for the USDA to issue its November supply/demand and crop production data on Thursday.

“The yield is seen as coming in higher than it was a month ago,” said Lane Akre, economist with ProFarmer. “That’s historically not the case coming into November, and I think traders kind of realize that.” (Reporting by Naveen Thukral and Sybille de La Hamaide; Editing by Tasim Zahid, Subhranshu Sahu, Sohini Goswami and Ed Osmond)

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