SINGAPORE, Aug 1 (Reuters) - Chicago corn and soybean futures rose on Tuesday after a U.S. government report showed that condition of both crops suffered last week amid hot and dry weather, with prices recovering from last session's losses.
Wheat rose more than 1%, gaining for the first time in five sessions.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.7% to $5.16-3/4 a bushel, as of 0045 GMT, soybeans added 0.7% to $13.40-3/4 a bushel. Wheat climbed 1.3% to $6.74-1/4 a bushel.
* Good-to-excellent ratings for the U.S. corn, soybean and spring wheat crops fell by more than expected in the past week as temperatures across the Midwest soared to the hottest of the summer.
* The U.S. Department of Agriculture (USDA) rated the U.S. corn crop at 55% good-to-excellent, down two percentage points from a week prior, while pegging the soybean crop at 52%, also down two percentage points.
* Spring wheat, the bulk of which is grown in North Dakota, suffered the most, with good-to-excellent ratings dropping to 42% from 48% a week earlier.
* However, cooler temperatures and increased rain forecasts are expected to bolster crop development.
* The USDA reported sales of 132,000 metric tons of U.S. soybeans to China for shipment in the 2023/24 season. The agency also reported sales of 183,300 metric tons of soymeal to the Philippines.
* Export prices for Russian wheat maintained levels last week after spiking a week earlier due to Russia's withdrawal from the Black Sea grain deal, analysts said.
* Russia pulled out of the U.N.-backed deal that had allowed the safe export via the Black Sea of Ukrainian grain, after complaining for months that conditions for its extension had not been fulfilled.
* Brazilian farmers had harvested 55% of the area planted for their second corn crop in the center-south region by the end of last Thursday, consultancy AgRural said on Monday, up 8 percentage points from the previous week.
* Work in the fields still lags the previous season, the consultancy's statement added, when at the same time 73% of Brazilian corn fields had been reaped.
* Commodity funds were net sellers of CBOT soybeans, wheat, corn, soyoil and soymeal futures contracts on Monday, traders said.
MARKET NEWS
* Wall Street and global stocks edged up on Monday, while oil prices gained and the dollar was little changed, as traders looked ahead to corporate earnings and a key employment report due this week.
DATA/EVENTS (GMT) 0145 China Caixin Mfg PMI Final July 0430 Australia RBA Cash Rate Aug 0600 UK Nationwide House Price MM, YY July 0750 France S&P Global Mfg PMI July 0755 Germany HCOB Mfg PMI July 0755 Germany Unemployment Chg, Rate SA July 0800 EU HCOB Mfg Final PMI July 0830 UK S&P GLBL/CIPS Mfg PMI Final July 0900 EU Unemployment Rate June 1345 US S&P Global Mfg PMI Final July 1400 US ISM Manufacturing PMI July (Reporting by Naveen Thukral; Editing by Rashmi Aich)
