SINGAPORE, Nov 7 (Reuters) - Chicago wheat futures slid for the first time in five sessions on Tuesday, with improved condition of the U.S. winter crop adding pressure on prices.
Soybeans edged lower, after climbing to an eight-week high in the previous session on weather concerns in top exporter Brazil.
FUNDAMENTALS
* The Chicago Board of Trade (CBOT) most-active wheat contract fell 0.3% to $5.74-1/4 a bushel, as of 0103 GMT. Soybeans slid 0.1% to $13.63-1/4 a bushel and corn gave up 0.2% to $4.76-1/2 a bushel.
* The U.S. Department of Agriculture (USDA) on Monday rated 50% of the U.S. winter wheat crop in good-to-excellent condition, up three percentage points from the previous week and the highest for this time of year since 2019 as soil moisture improved in the Plains following a three-year drought.
* The market is monitoring uneven crop weather in Brazil, where soybean planting has been delayed. Dryness is a concern in leading soy-producing state Mato Grosso, while heavy downpours have soaked southern areas.
* Brazil's 2023/24 soybean planting had reached as of last Thursday 51% of the expected area, agribusiness consultancy AgRural said on Monday, up 11 percentage points from the previous week.
* Sowing continues to lag behind last year's levels, when 57% of the areas had been planted at the same time, and the current pace represents the slowest for the period since 2020/21, AgRural said in a statement.
* However, rapidly progressing U.S. corn and soybean harvest weighed on prices. The 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%. Similarly, the soybean harvest was 91% done, behind the average estimate of 92% but ahead of the five-year average of 86%.
* Commodity funds were net buyers of CBOT corn, soybean, soyoil and wheat futures contracts on Monday and net sellers of soymeal futures, traders said.
MARKET NEWS
* A gauge of global equities rose and Treasury yields rebounded on Monday after last week's big rally in stocks and bonds on hopes that interest rates will soon be cut faded, with markets assessing an improving but still uncertain outlook for growth and inflation.
DATA/EVENTS (GMT) 0300 China Exports, Imports YY Oct 0300 China Trade Balance Oct 0330 Australia RBA Cash Rate Nov 0700 Germany Industrial Output MM Sept 0700 Germany Industrial Production YY SA Sept 0700 UK Halifax House Prices MM, YY Oct 1330 US International Trade Sept (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
