SINGAPORE- 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, having closed 0.5 percent higher on Monday when prices hit an Aug. 16 high of $7.67 a bushel.
Soybean futures fell 0.1 percent to $12.36 a bushel and corn lost 0.2 percent to $5.37 a bushel.
In its first condition ratings for the 2022 winter wheat crop, the US Department of Agriculture (USDA) rated 46 percent of the crop in good-to-excellent condition, up from 41 percent a year ago, but behind the average analyst expectations of 54 percent. Estimates had ranged from 49 percent to 62 percent good-to-excellent.