SINGAPORE, July 11 (Reuters) - Chicago corn futures lost ground on Tuesday as the condition of the U.S. crop improved with rains in the Midwest grain belt, while soybeans gained ground.
Wheat prices fell, although losses were limited by concerns over tightening global supplies.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.6% to $4.96-3/4 a bushel, as of 0012 GMT and soybeans rose 0.3% to $13.49-3/4 a bushel.
* Wheat lost quarter of a cent to $6.46 a bushel.
* Corn ratings improved to 55% in good-to-excellent condition from 51% last week and above the average expectation in a Reuters survey for 53%. However, the rating is the worst for this time of year since 2012 when drought in the United States raised global crop prices.
* Just 51% of soybeans were in good-to-excellent condition as of Sunday, up from 50% last week but below analysts' expectations for 52%.
* Only 47% of the spring wheat crop was rated as good to excellent, down from 48% a week ago, defying analysts' expectations for an improvement to 49%.
* Brazilian farmers have harvested through last Thursday 27% of the area planted for their second corn crop, agribusiness consultancy AgRural said on Monday, up 10 percentage points from the previous week but still lagging 2022 levels.
* At the same time last year, 41% of the corn fields in Brazil's center-south region had been reaped, the consultancy said in a statement.
* Export prices for Russian wheat remained largely flat last week, analysts said, as traders waited for signals about the Black Sea grain export deal ahead of its renewal deadline next Monday.
* Commodity funds were net buyers of CBOT soybean, soyoil, corn and soymeal futures contracts on Monday and net sellers of wheat futures, traders said.
MARKET NEWS
* Wall Street stocks rose slightly on Monday, while oil prices and the dollar dipped, as investors digested Chinese economic data and looked ahead to a key U.S. inflation report and corporate earnings.
DATA/EVENTS (GMT) 0600 Germany HICP Final YY June 0600 UK Claimant Count Unem Chng June 0600 UK ILO Unemployment Rate May 0600 UK HMRC Payrolls Change June 0900 Germany ZEW Economic Sentiment July 0900 Germany ZEW Current Conditions July (Reporting by Naveen Thukral; Editing by Rashmi Aich)
