Soybeans fall on USDA crop report

HAMBURG, July 10 (Reuters): US soybean futures fell on Tuesday after the US Department of Agriculture (USDA) assessed the condition of the US crop above market forecasts, while corn and wheat also fell.

"Soybeans and corn are being weakened by positive US crop conditions seen by the USDA while the US-China trade war is also undermining soybeans," said Matt Ammermann, commodity risk manager at INTL FCStone.

"Wheat is being seeing spillover weakness from soybeans and corn, along with signs investment funds do not have such a large short position in wheat as some expected."

The Chicago Board of Trade's most active soybean contract was down 0.2 per cent at $8.70-1/4 a bushel by 1042 GMT.

Chicago soybeans had closed about 2.5 per cent down on Monday, partly on concern that the trade dispute between the United States and China will damage US exports.

The most active corn contract was down 0.7 per cent at $3.64-1/4 a bushel. Corn markets fell by about 1.6 per cent on Monday.