CANBERRA, Nov 2 (Reuters) – U.S. Wheat futures edged higher on Tuesday to linger near a nine-year high hit in the previous session, as the U.S. Department of Agriculture (USDA) said the condition of U.S. crops was worse than expected.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade Wv1 up 0.2% at $7.99 a bushel by 0153 GMT, closing 3.2% higher on Monday when prices hit a January 2013 high of $8.00-1/2 a bushel.
* The most active soybean futures Sv1 were up 0.4% at $12.54 a bushel, after ending flat on Monday.
* The most active corn futures Cv1 were down 0.1% at $5.78 a bushel, having firmed 1.9% on Monday when prices hit a high of $5.82 a bushel, their highest since Aug. 12.
* The USDA rated 45% of the 2022 winter wheat crop in good-to-excellent condition, down from 46% a week earlier. Analysts on average had expected the USDA to rate 48% of the crop as good to excellent.
* The U.S. soybean harvest was 79% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, behind the five-year average of 81% and the average estimate in a Reuters analyst poll, also 81%.
* The U.S. corn crop was 74% harvested, the USDA said, ahead of the five-year average of 66% but behind the average analyst expectation of 75%.
* Wheat draws support as poor spring wheat harvests and an export duty imposed by Russia have heightened expectations of relatively tight supplies this season.
MARKET NEWS
* The dollar hovered below recent highs, as traders waited for the Reserve Bank of Australia to lead a handful of central bank meetings set to define the rates outlook this week. USD/
* Oil prices settled higher on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China. O/R
* Global equity markets rose on Monday as investors await clarity from the U.S. Federal Reserve as to whether it will might raise interest rates sooner than they anticipated several months ago, before a sustained bout of inflation. .N
(Reporting by Colin Packham; Editing by Rashmi Aich)
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