By Mark Weinraub
CHICAGO (Reuters) – Chicago-traded wheat and corn futures rose on Tuesday, supported by concerns that adverse weather in key U.S. production areas would limit the size of crops this year, traders said.
Soybean futures retreated as Anec raised its outlook for Brazil’s export forecast for the oilseed. Losses were limited by signs the US remains competitive for deals with China, the biggest buyer.
The U.S. Department of Agriculture (USDA) on Monday afternoon ranked 27% of U.S. winter wheat in good to excellent condition, down three percentage points from a week ago and the lowest for this time of year since 1989, as drought persists in the Plains wheat belt region.
On the Chicago Stock Exchange, red soft wheat winter futures for July closed up 22.50 cents on the dollar at $10.95 a bushel.
Corn for July rose 3.50 cents to $8.0150 a bushel.
Soybeans for July fell 3.50 cents to $16.7175 a bushel.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore)
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