GRAINS-Corn touches one-week low on improved U.S. crop conditions

martes 23 de agosto de 2016 17:14 GYT
 

* USDA raises good/excellent rating for corn crop

* Pro Farmer tour finds good yield potential in Indiana

* Coming up: tour issues U.S. crop estimates on Friday (Adds closing prices, fund selling, Statistics Canada data)

By Tom Polansek

CHICAGO, Aug 23 (Reuters) - U.S. corn futures slid to a one-week low on Tuesday and soybean futures lost ground, a day after a U.S. government report showed both crops were thriving.

Expectations that a privately run U.S. crop tour would uncover stronger yields in the coming days than on Monday, when it began, put additional pressure on prices, traders said.

Massive supplies of crops are a focus for traders as farmers will soon start bringing in harvests from their fields, adding to inventories already in storage.

The U.S. Department of Agriculture (USDA) helped fuel expectations for big harvests with a report on Monday that raised the corn crop's good-to-excellent rating by one percentage point. That surprised analysts and traders, who had generally expected a decline.

Crop ratings typically deteriorate heading into autumn, so the improvement weighed on prices, said Jim Gerlach, president of A/C Trading in Indiana.   Continuación...