* Corn falls as bumper production offset harvest delay
* Market awaiting latest USDA condition report
* Soybeans extends gains into second session
By Colin Packham
SYDNEY, Oct 14 (Reuters) – U.S. corn futures edged lower on Tuesday, falling after the grain posted its biggest one-day gain in nine months, as expectations for bumper production offset support from harvest delays.
Soybean prices rose, extending gains into a second session on reports of variable yields and harvest delays, while wheat fell for the first time in three sessions.
Chicago Board of Trade front-month corn futures had fallen 0.1 percent to $3.45-3/4 a bushel by 0136 GMT, having closed up 3.6 percent in the previous session – the biggest one-day gain since January 10.
Corn had drawn support from delays in the harvest of the U.S. crop following rain showers across the Midwest, though traders and analysts said the gain was overblown when reconciled with the bumper crop projected.
“The (U.S. Department of Agriculture) estimates are calling for a very good crop this year, and I know the figures were a little below analysts expectations, but they have had a near perfect season and as result, prices are going to be under pressure,” said Phin Ziebell, agribusiness economist, National Australia Bank.
The USDA pegged the 2014/15 corn crop at 14.475 billion bushels, up from 14.395 billion in September, although below the average trade estimate of 14.506 billion bushels in a Reuters poll.
Traders are awaiting the USDA’s weekly export inspections and crop progress reports, which were delayed until Tuesday because of the Columbus Day holiday.
Front-month wheat futures fell 0.4 percent to $5.03-1/4 a bushel, having firmed 1.4 percent in the previous session.
Despite a two-session rally, gains in wheat were limited by weekend rains in the U.S. Plains that will help recharge soil moisture for the newly planted winter wheat crop.
Front-month soybeans rose 0.16 percent to $9.46-3/4 a bushel, having closed up 2.5 percent on Monday.
Analysts noted reports that soybean yields from the western Midwest were not as consistently high as those reported from southern and eastern portions.
The market is also keeping a close eye on weather in Brazil’s soy belt, where farmers are planting amid stressful dry conditions. However, some forecasts predicted beneficial rains next week.
Grains prices at 0136 GMT Contract
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
498.23 59 CBOT corn
364.43 64 CBOT soy
956.56 53 CBOT rice
$12.62 51 WTI crude
$85.00 -$0.74 -0.86%
$91.37 18 Currencies
$1.272 -$0.003 -0.22%
+0.99% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)