SINGAPORE, July 8 (Reuters): Chicago soy fell for a seventh session on Tuesday to trade near its lowest in five months as near-perfect crop weather across the US Midwest buoyed hopes of record production.
Corn edged up after sliding to a contract low on Monday but gains were capped by hopes of ample supplies as the US crop enters its critical yield-determining phase in ideal weather.
Chicago Board Of Trade November soybeans lost 0.1 per cent to $11.24-1/4 a bushel by 0241 GMT, after hitting a near five-month low of $11.16 a bushel on Monday.
December corn rose 0.3 per cent to $4.07-1/2 a bushel, recovering from last session's contract low of $4.03 a bushel.
"We are seeing a further decline in soybeans as funds are liquidating positions. The November contract could fall below $11.00 a bushel by the end of this month," said Kaname Gokon, general manager of research at brokerage Okato Shoji in Tokyo.
"We see new-crop corn falling below $4.00 this week."
US crop conditions held steady, with soybean ratings at a 20-year high and corn ratings at a 15-year high.
The US Agriculture Department's weekly crop progress and conditions report released on Monday pegged the soybean crop as 72 per cent good to excellent and corn at 75 per cent good to excellent. Both ratings were in line with market expectations.
Plentiful soil moisture and warm weather throughout much of the Midwest posed little threat to developing corn and soybean crops. Corn is entering its critical pollination stage of development this month.
The wheat market continues to struggle, weighed down by plentiful supplies in key exporting countries and crop-friendly weather for the spring crop in the United States.
September wheat rose 0.4 per cent to $5.59 a bushel, having closed down 4 per cent on Monday when prices hit a contract low of $5.56 a bushel.
The USDA said that spring wheat ratings were 70 per cent good to excellent, unchanged from a week ago. Winter wheat was rated 31 per cent good to excellent, 1 per centage point higher than a week earlier, and the crop was 57 per cent harvested.
Germany's DBV farmers' association estimated on Monday the 2014 winter wheat crop would reach almost 25 million tonnes, versus 24.6 million in 2013.
A rise in Russian wheat prices stalled last week as harvesting gathered pace, slightly easing concerns over wheat quality, which was still mixed, analysts and a trader said on Monday.
Rains in Russia, a major global wheat exporter, delayed a harvesting campaign earlier this year, but favourable weather last week added to supply for already agreed forward deals.
Commodity funds sold an estimated net 11,000 corn contracts, 3,000 soybean contracts and 9,000 wheat contracts trade sources said.
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