Corn, Soybeans Rise on Concern Over U.S. Crop Conditions; Wheat Declines

(Bloomberg) -- Corn and soybean futures in Chicago
gained on speculation a government report later today will show
a decline in crop conditions for a fourth straight week. Wheat
futures fell as investors bet recent gains were overdone.

An estimated 62 percent of the corn crop was in good or
excellent condition as of July 22, down from 64 percent a week
earlier and up from 59 percent a year earlier, the U.S.
Department of Agriculture said in its latest report on July 23.


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UPDATE 1-Corning says quarterly profit slips 5 pct

(Reuters) - Second-quarter net income fell to $489 million, or 30 cents
a share, from $514 million, or 32 cents per share a year
earlier. Excluding special charges, Corning, the largest maker
of glass for liquid crystal display televisions, reported
earnings of 34 cents a share.




Analysts on average had forecast Corning to earn 32 cents a
share, according to Reuters Estimates.


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Corn, Soybeans Advance in Chicago on Overseas Demand; Wheat Futures Falls

(Bloomberg) -- Corn and soybean futures in
Chicago rose on expectation overseas buyers will increase
purchases of U.S. grains and oilseeds. Wheat futures declined.

Corn prices will ``stabilize and strengthen'' with ``the
underlying supply and demand dynamics for corn still looking
very positive'', said analysts at Barclays Capital led by Kevin
Norrish in a report yesterday, citing demand from China and
ethanol production.


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Corn, Soybean Futures Rise as Hot, Dry Weather May Threaten U.S. Crops

(Bloomberg) -- Corn rose in Chicago to the highest
price in two weeks and soybeans extended a rally to a three-year
high on speculation unusually hot weather will damage crops in
the U.S., the biggest producer and exporter of both commodities.

Temperatures may reach 100 degrees Fahrenheit (38 Celsius)
west of the Mississippi River on fields already stressed after
receiving less than 25 percent of normal rain in the past 30
days, said Joel Widenor, a meteorologist for CropCast Services in
Rockville, Maryland. Most of the Midwest will be drier than
normal in the next two weeks as average temperatures rise as much
as 8 degrees Fahrenheit above normal, Widenor said.


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Argentina stocks close at record high on energy shares

(Reuters) - The MerVal index of 21 leading rose 0.56 percent to
end at 2,266.09 points, surpassing the previous day's
record-high close of 2,253.30 points.




"The MerVal's new high was focused on the renewed boom of
Tenaris and other from the energy sector like
Petrobras, but selectivity was the order of the day," said
Dionisio Corneille, director of the Corneille brokerage.


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Corn Falls as Higher Crop Ratings in U.S. Signal Boost in Grain Supplies

(Bloomberg) -- Corn fell to a one-week low in
Chicago on speculation that the highest U.S. crop ratings since
1991 signal farmers will harvest more grain than forecast a
month ago.

About 78 percent of the crop was rated good or excellent as
of June 3, unchanged for the third consecutive week and up from
71 percent a year earlier, the Department of Agriculture said
June 4. About 94 percent of the corn that farmers intended to
plant had emerged from the soil, compared with the five-year
average of 93 percent. Corn is the biggest U.S. crop.


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South African Corn Prices Advance on Concern Rain May Delay Planting

(Bloomberg) -- Corn prices in South Africa, the
biggest producer of the grain in Africa, rose on concern that
rain may delay planting.

``The rain is playing a part,'' Gerhard Pfaff, a commodity
trader at Pretoria, South Africa-based Degro Futures Ltd., said
in an interview. ``It's delaying plantings in corn-growing
areas.''


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Corn Rises to Three-Week High as Dry Weather Threatens Crops in Midwest

(Bloomberg) -- Corn futures in Chicago jumped to a
three-week high on speculation that dry weather may reduce crop
yields in the U.S. Midwest.

Most Midwest fields east of the Mississippi River will
receive less than 50 percent of normal rain in the next five
days as a high pressure system in the southeastern U.S. blocks
storms, said Mike Tannura, a meteorologist for T-Storm Weather
in Champaign, Illinois. Hot weather beginning June 7 will
increase stress on young plants, he said.


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Corn Prices Rise in Dalian as China Meat Production Recovers; Soybeans Up

(Bloomberg) -- Corn prices in China, the world's
second-biggest consumer of the grain after the U.S., rose on
speculation that demand for corn-based feed may rise as the
country's livestock industry recovers from animal diseases.

China's premier Wen Jiabao asked local governments to boost
pork output as surging meat prices stoke inflation and risk
undermining social stability, a report on the government's Web
site said after Wen toured Shaanxi province at the weekend.


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Corn Climbs as China May Cut Grain Exports to Feed Bigger Livestock Herds

(Bloomberg) -- Corn rose in Chicago for the first
session in three on speculation that China, the world's second-
largest grower after the U.S., will cut exports as domestic
livestock producers increase their herds.

China's exports may fall 60 percent to 2 million metric
tons in the year through September 2008, while imports may rise
fivefold to 500,000 tons, Wang Xiaohui, a director at China
National Grain and Oils Information Center, said in Beijing.
Lower Chinese sales may lead to greater demand in Asia for
supplies from other producers, including the U.S.


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