GRAINS-Wheat drops to near 1-week low as U.S. crop progresses
* Wheat dips on better U.S. crop development, precipitation
* Corn, soybeans gain; focus on planting (Adds closing U.S. prices, Informa estimates)
By Rod Nickel
WINNIPEG, April 6 (Reuters) - Chicago wheat fell on Wednesday to a nearly one-week low, pressured by a U.S. Department of Agriculture (USDA) report that revealed U.S. wheat was progressing faster than expected.
Corn rose to its highest in almost a week, following technical indicators. Soybeans gained on bargain-buying.
The Chicago Board of Trade's most-active May wheat contract fell 11 cents, or 2.3 percent, to $4.63 a bushel. It touched $4.61-1/2, the contract's lowest price since March 31.
The USDA on Tuesday rated 59 percent of U.S. winter wheat as in good to excellent condition. That was above analysts' estimates for 57.6 percent of plants for summer 2016 harvesting, and the five-year average of 42 percent.
"There is really just no reason to buy (wheat)," said Karl Setzer, analyst at MaxYield Cooperative, adding that the favorable ratings weighed on prices. "You throw in better chances of precipitation for the wheat belt in the United States, and we just see the money come back out again."
The crop's progress contrasts with concerns about dry, cold U.S. weather in recent weeks, which previously lifted prices, said Frank Rijkers, agrifood economist at ABN AMRO Bank. Continuación...