Wheat lingers near 2-month high on USDA crop condition report



CANBERRA, Oct 26 (Reuters) - U.S. wheat futures edged higher on Tuesday to linger near a two-month high after the U.S. Department of Agriculture said the condition of U.S. crops was worse than expected.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade Wv1 were up 0.3% at $7.61-3/4 a bushel by 0058 GMT, having closed up 0.5% on Monday when prices hit an Aug 16 high of $7.67 a bushel.

* Soybean futures Sv1 were little changed at $12.37-3/4 a bushel, having firmed 1.4% on Monday.

* Corn futures Cv1 were also little changed at $5.38-1/4 a bushel, having gained 1.1% in the previous session.

* In its first condition ratings for the 2022 winter wheat crop, the USDA rated 46% of the crop in good-to-excellent condition, up from 41% a year ago, but behind the average analyst expectation of 54%. Estimates had ranged from 49% to 62% good to excellent.

* The U.S. soybean harvest was 73% complete as of Sunday, the USDA said in a weekly crop progress report on Monday, ahead of the five-year average of 70% but behind the average estimate in a Reuters analyst poll.

* Analysts surveyed by Reuters on average had expected soybean harvest progress to reach 74%.

* The U.S. corn crop was 66% harvested, the USDA said, ahead of the five-year average of 53% and the average analyst expectation of 65%.

* Robust demand for Australian wheat is quickly filling up shipping slots as importers book cargoes in advance from the world's fourth-largest exporter ahead of what is expected to be a second year of near record output.

* The U.S. Department of Agriculture reported export inspections of U.S. corn in the week ended Sept. 21 at 545,127 tonnes, down nearly 20% from the same period a year earlier and well below the range of trader expectations.


Reporting by Colin Packham; editing by Uttaresh.V

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