GRAINS-Wheat slips from 9-year high as USDA sees crop condition ahead of estimates
CANBERRA, Nov 16 (Reuters) - U.S. wheat futures fell on Tuesday, snapping a six-session rally and slipping from a near nine-year high, as concerns over global supplies were tempered when the U.S. Department of Agriculture said crop condition was better than expected.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade were down 0.1% at $8.25-3/4 a bushel by 0240 GMT, after closing up 1.1% on Monday when prices hit a December 2012 high of $8.29-1/2 a bushel.
* The most active soybean futures were up 0.3% at $12.60-1/2 a bushel, after closing down 0.1% on Monday.
* The most active corn futures were up 0.1% at $5.77-1/4 a bushel, having gained 1% in the previous session.
* The U.S. corn harvest was 91% complete as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 86% and matching the average estimate in a Reuters poll of analysts.
* The U.S. soybean crop was 92% harvested, the USDA said, behind the five-year average of 93% but in line with analyst expectations.
* Condition ratings for the U.S. winter wheat crop improved, despite most analysts' expectations for no change. The USDA rated 46% of the 2022 winter wheat crop in good-to-excellent condition, up from 45% a week earlier.
* The National Oilseed Processors Association on Monday said the October soybean crush rose to 183.993 million bushels, topping the average of market forecasts. The monthly total was the third-highest on record.
* Private exporters reported the sale of 264,000 tonnes of soybeans to unknown destinations for delivery in the 2021/22 marketing year, the U.S. Agriculture Department said. The deal was the biggest daily soybean sale in a month.
MARKET NEWS
* The euro was huddled at a 16-month low, while the dollar was firm as traders awaited U.S. retail sales data, wary of a strong reading could stoke inflation and add pressure on the Federal Reserve to hike rates.
* Oil prices slipped as a rebound in COVID-19 cases in Europe raised concerns over demand amid expectation that supply will rise, while some in the market still fear the United States may release crude reserves to stop a rally in gasoline prices.
* Asian shares were mostly higher, as relief in China's property sector supported sentiment while investors also kept a close eye on a key meeting between U.S. President Joe Biden and Chinese leader Xi Jinping.
(Reporting by Colin Packham; Editing by Rashmi Aich)
