Chicago wheat futures were largely steady on Tuesday with prices trading near the previous session’s two-month high on the back of strong demand and tightening world supplies.

Soybeans and corn lost ground.

The most-active wheat contract on the Chicago Board Of Trade (CBOT) eased quarter of a cent at $7.59-1/4 a bushel by 0238 GMT, having closed 0.5% higher on Monday when prices hit an Aug. 16 high of $7.67 a bushel.

Soybean futures fell 0.1% to $12.36 a bushel and corn lost 0.2% to $5.37 a bushel.

In its first condition ratings for the 2022 winter wheat crop, the U.S. Department of Agriculture (USDA) rated 46% of the crop in good-to-excellent condition, up from 41% a year ago, but behind the average analyst expectations of 54%. Estimates had ranged from 49% to 62% good-to-excellent.

Russian wheat export prices gained last week after a brief pause on the back of a stronger rouble currency and higher global prices for the grain, analysts said on Monday.

The U.S. soybean harvest was 73% complete, as of Sunday, the USDA said in a weekly crop progress report, ahead of the five-year average of 70% but behind the average estimate in a Reuters analyst poll.

Analysts surveyed by Reuters on average had expected soybean harvest progress to reach 74%.

The U.S. corn crop was 66% harvested, the USDA said, ahead of the five-year average of 53% and the average analyst expectation of 65%.

Robust demand for Australian wheat is quickly filling up shipping slots as importers book cargoes in advance from the world’s fourth-largest exporter ahead of what is expected to be a second year of near record output.

The USDA reported export inspections of U.S. corn in the week ended Sept. 21 at 545,127 tonnes, down nearly 20% from the same period a year earlier and well below the range of trader expectations.

Brazilian soybean farmers had planted an estimated 35.8% of their fields through Friday, according to agribusiness consultancy Safras & Mercado, which said good weather was helping growers sow their beans faster than last year.

Commodity funds were net buyers of CBOT soybeans, wheat, soyoil and soymeal futures contracts on Monday, and net even on CBOT corn and soymeal futures contracts, traders said.
Source: Reuters (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)