SINGAPORE- Chicago wheat futures eased on Tuesday after climbing almost 6 percent in the previous session, although lower US winter crop ratings and frost damage in Russia are likely to limit losses.
Soybeans and corn fell amid a rapidly advancing US harvest.
“The wheat market has been driven by a continued deterioration of Russian crop prospects, with more downgrades likely to come in the next couple of weeks,” Commonwealth Bank analyst Dennis Voznesenski wrote in a report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.4 percent at $6.86 a bushel. Soybeans lost 0.4 percent to 12.42-3/4 a bushel and corn dropped 1 percent to $4.56 a bushel.
The US Department of Agriculture (USDA) lowered its US winter wheat crop condition rating to 49 percent “good-to-excellent” in a weekly crop progress report on Monday, down 1 point from a week ago and 2 points below the average estimate gathered by Reuters from 14 analysts.
