SINGAPORE, Aug 16 (Reuters) - U.S. wheat futures fell 0.5 percent on Tuesday, snapping a five-day rising streak as a firm dollar and weaker crude oil weighed. Corn and soybeans also dipped as U.S. crop ratings steadied after rain and cooler temperatures in the Midwest stabilized the crops, which had been suffering through a dry, hot summer. "For the time being the crop condition is steady and forecast this morning not overly worrying which is helping to alleviate crop concerns," said Brett Cooper, a senior manager of markets at FCStone Australia. "The market has pretty much priced in the USDA report and the yield issues that we have to date, it is looking for probably confirmation of additional decline in yields to rally or some other external factors and we don't have any of those today." Chicago Board of Trade September wheat fell 0.5 percent to $7.09-1/4 a bushel by 0311 GMT and most actively traded December corn lost 0.3 percent to $7.17-3/4 a bushel. November soy fell 0.3 percent to $13.47-3/4 a bushel and A weekly report from the U.S. Department of Agriculture, issued after the market closed on Monday, rated the corn crop 60 percent good to excellent, unchanged from a week ago and in line with the average of estimates given by eight analysts. The average good-to-excellent rating for this time of year has been 61 percent during the past 10 years. In 2010, USDA rated the crop 69 percent good to excellent in mid-August. Soybean ratings were also unchanged at 61 percent good to excellent, matching analysts' estimates. The 10-year soybean average for mid-August is 59 percent good to excellent, and USDA rated the crop 66 percent good to excellent a year ago. Still, the good-to-excellent ratings for both crops were the lowest for mid-August in four years, reflecting late planting and the scorching July that robbed yield potential from corn and soybeans. Forecasts called for crop-friendly weather in the U.S. Midwest. Corn and soybean crops in the U.S. will benefit from last week's cooler temperatures and showers, and that pattern should continue through this week followed by a little warmer weather next week, an agricultural meteorologist predicted. Rainfall over the past week and some more showers this week would help the final stages of corn filling and boost soybean production prospects since soy plants are near the middle of the key pod-setting stage of development. On Monday, the wheat market found support from a large sale of wheat to Saudi Arabia and drought in the U.S. Plains that was leading to concerns about seeding the hard red winter wheat crop to be harvested next year. Saudi Arabia bought 660,000 tonnes of wheat from Australia, Europe, Canada and the United States at an average price of $346 per tonne, including cost and freight. Concerns are emerging about the planting of next year's winter wheat crop, as soil moisture levels in key growing states of the southern U.S. Plains jeopardized next year's production potential. Farmers typically like to start planting in September. The agricultural markets were also pressured by declining crude oil values and a firm U.S. dollar. Brent crude futures edged lower on Tuesday, after rising nearly $2 a day earlier, as soft U.S. economic data renewed fears of weaker oil demand from the world's top oil consumer and a rebound in the dollar spurred selling. The dollar index , which measures the strength of the greenback against a basket of currencies, rose 0.1 percent. Prices at 0311 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 709.25 -3.25 -0.46% +0.96% 684.91 62 CBOT corn 717.75 -2.25 -0.31% +0.45% 681.72 61 CBOT soy 1347.75 -3.50 -0.26% +0.97% 1357.72 51 CBOT rice $16.99 -$0.06 -0.35% +1.07% $16.56 67 WTI crude $87.46 -$0.42 -0.48% +2.53% $92.69 47 Currencies Euro/dlr $1.443 $0.017 +1.19% +1.27% USD/AUD 1.049 0.012 +1.15% +1.28% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
http://af.reuters.com/article/commoditiesNews/idAFL3E7JG0AD20110816
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