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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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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Wheat Futures Rise as Price Slump Spurs Overseas Demand for U.S. Supplies

(Bloomberg) -- Wheat futures rose in Chicago for
the first time in five sessions on improved overseas demand for
U.S. supplies after prices fell from a record high.

Egypt, Japan and buyers in Taiwan this week said they
bought or planned to buy a total of more than 460,000 metric
tons of U.S. wheat. Importers are increasing purchases after
futures fell 5.9 percent from a record $6.50 a bushel on June
29. World inventories are forecast to fall before next year's
harvest to the lowest since 1982.


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Wheat Futures Are Little Changed, Paring Early Losses on Harvest Progress

(Bloomberg) -- Wheat closed little changed in
Kansas City, paring earlier losses on progress in harvesting
the winter crop, especially in Kansas, the biggest producer.

About 40 percent of U.S. winter wheat was cut as of July
1, compared with 22 percent a week earlier, the Department of
Agriculture said yesterday. About 59 percent of the winter
wheat in Kansas was harvested, up from 20 percent. Still, the
overall harvest is behind the five-year average of 54 percent
because of heavy rains in parts of the Great Plains.


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Wheat Futures Fall in Chicago After Reaching Record as Feed Use May Wane

(Bloomberg) -- Wheat futures fell, after rising to
a record in Chicago, as the premium above the price of corn
reached the biggest ever, spurring speculation that few
livestock producers will use wheat in feed.

Wheat's most-active contract is almost $2.60 more
expensive than corn on the Chicago Board of Trade, about double
the average difference of $1.30 for the past year. That would
make wheat too costly for cattle feedlot owners and hog
producers, analysts said.


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Wheat Surges to 7-Month High as U.S. Cuts Crop Estimate After Rain Damage

(Bloomberg) -- Wheat rose to a seven-month high in
Chicago and Kansas City after the government lowered its U.S.
winter-wheat estimate because excessive rains delayed the harvest
and fostered fungal diseases.

U.S. farmers will harvest 1.609 billion bushels of winter
wheat, down from last month's forecast of 1.616 billion bushels
and more than last year's drought-damaged harvest of
1.298 billion bushels, the U.S. Department of Agriculture said
today. The average forecast of 12 analysts in a Bloomberg survey
was for 1.639 billion bushels. Global stockpiles will fall to the
lowest since 1982, the USDA said.


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Wheat Rises to 7-Month High as U.S. Crop Condition Declines on Heavy Rains

(Bloomberg) -- Wheat rose to a seven-month high in
Chicago after the government said U.S. crop conditions worsened
because heavy rains damaged fields and slowed the harvest.

Winter wheat in good or excellent condition decline to 53
percent of the crop as of June 3 from 57 percent a week earlier,
the U.S. Department of Agriculture data show. About 1 percent
had been harvested, down from 7 percent a year earlier. Rainfall
was about six times normal from Nebraska to Texas since May 22.


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Wheat Rises on Report Showing Decline of U.S. Crop Because of Heavy Rain

(Bloomberg) -- Wheat rose in Chicago, continuing a
rally to a five-week high, after a U.S. government report said
the condition of the U.S. winter wheat crop worsened as heavy
rains slowed the harvest and damaged plants.

Some 53 percent of the U.S. winter-wheat crop was in good or
excellent condition as of June 3, compared with 57 percent the
prior week, U.S. Department of Agriculture data show. About
1 percent of the crop was harvested, compared with 7 percent last
year, the USDA said. About six times the normal moisture fell
from Nebraska to Texas in the past 14 days.


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Wheat Futures Climb as Rains Delay Harvest, Hurt Crops in Great Plains

(Bloomberg) -- Wheat prices rose in Chicago and
Kansas City after rainfall in the southern Great Plains hurt
plants and delayed the harvest.

As much as six times the normal amount of rain fell from
Texas to Nebraska in the past two weeks, National Weather
Service data showd. Oklahoma and Kansas growers, who would
normally start cutting wheat this week, may have to wait at
least 10 days, said Darrell Holaday, president of Advanced
Market Concepts in Manhattan, Kansas.


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Wheat Futures Rise to 6-Week High in Kansas City After Rain Delays Harvest

(Bloomberg) -- Wheat futures in Kansas City closed at
a six-week high as rains in the southern Great Plains delay the
harvest and damage the U.S. winter crop.

A storm may drop 1.5 inches (3.8 centimeters) of rain in
parts of Kansas and Oklahoma where four times the normal amount
of precipitation has fallen in the past 30 days, according to
National Weather Service data. Wet weather may cause fungal
diseases such as leaf rust, which cuts yields and grain quality.


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Wheat Rises to Three-Month High in Kansas City After Rain Delays Harvest

(Bloomberg) -- Wheat futures in Kansas City rose to
a three-month high as rains in the southern Great Plains delay
the harvest and damage the winter crop.

A storm is expected to drop 1.5 inches (3.8 centimeters) of
rain in parts of Kansas and Oklahoma, which already got as much
as four times the normal amount of precipitation in the past 30
days, according National Weather Service data. Wet weather may
cause fungal diseases such as leaf rust, which cuts yields and
grain quality.


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