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Chicago wheat, soybean futures advance on bullish outside markets, corn dips
Date: 2010/7/14 Click: 1857
Chicago wheat broke 3-day losing streak on Tuesday, soybean price touched 8-week high, benefiting from bullish outside markets. Corn dropped the most in a week on favorable weather and an unexpected increase in the corn crop ratings.

September wheat surged 13.5 cents, or 2.5 percent, to 5.4925 dollars per bushel. December corn dipped 4.75 cents, or 1.2 percent, to 3.87 dollars per bushel. November soybean was up 3.5 cents, or 0.4 percent, to 9.545 dollars per bushel, the price reached 9.625 dollars per bushel, the highest level for the most- active contract since May 14.

Alcoa, the largest U.S. aluminum producer, reported second- quarter sales and profit late Monday, which topped economists' estimates, enhancing investors' confidence for a stronger global economic recovery. Rekindled fears over eurozone debt crisis and weakening dollar boosted the appeal of commodities as an alternative investment.

Trader noted that although the favorable weather conditions in the U.S south Plains continued to aid wheat harvest progress, the sharp decline of the dollar and the general rally in equity and commodities markets on Tuesday have offset the negative influence of ideal weather and pushed up wheat prices.

73 percent of the corn crop was rated good to excellent as of Sunday, up 2 percentage points from the prior week, according to USDA. Traders previously expected the rating to remain unchanged or lose 1 or 2 percentage points. The unexpected rise in crop rating contributed to drag down the corn price along with weather forecasts calling for warm, but generally favourable conditions in U.S. Midwest into the next 3-5 days.

USDA lowered its good-to-excellent rating of the US soybean crop to 65 percent, down one percentage point from the prior week. Traders expected the rating to climb by one percentage point. Trader noted that the soybean crop rating inched downward for fifth consecutive week indicated that the U.S soybean crop is getting smaller, and offered solid support to soybean prices.
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