Chicago corn futures tick up, U.S. crop condition caps gains

SINGAPORE, July 31 (Reuters) - Chicago corn futures edged higher on Wednesday with bargain-buying supporting prices, although gains were limited by improved condition of the U.S. crop. Soybeans remained under pressure after closing lower on Tuesday on renewed concerns over U.S.-China trade war. FUNDAMENTALS * The U.S. Department of Agriculture in its weekly crop progress report said 58% of U.S. corn was in good to excellent condition, up one percentage point from last week. Analysts had on average expected 57%. * The market is on edge about the crop's size and condition after heavy rains caused unprecedented planting delays this spring. It is waiting for the USDA to issue updates on how much corn and soybeans were planted in a report next month. * Traders are also watching the new round of U.S.-China talks this week to settle the trade war that has slashed U.S. soybean exports to China. But dealers were wary about chances of a breakthrough. * U.S. President Donald Trump on Tuesday warned China against waiting out his first term to finalise any trade deal, saying if he wins re-election in the November 2020 presidential contest, the outcome could be no agreement or a worse one. * Trump said China appeared to be backing off on a pledge to buy U.S. agricultural products, which U.S. officials have said could be a goodwill gesture and part of any final pact. * The USDA is expected to report that 4.782 million short tons, or 159.4 million bushels, of soybeans were crushed at U.S. processing plants in June, according to the average forecast of eight analysts surveyed by Reuters ahead of monthly data. * A heatwave in the European Union's main wheat producers last week helped farmers to make rapid progress with harvesting, with some crop forecasts being raised, experts said on Tuesday. * Record high temperatures in France, Germany and Britain created ideal conditions for wheat harvesting, with the dry, warm weather allowing mechanical combine harvesters to operate at full capacity. MARKET NEWS * Asian shares weakened in early trade on Wednesday, rattled by fresh trade war concerns following threats from Trump to Beijing, while increasing worries about a no-deal Brexit kept the pound under pressure. DATA/EVENTS (GMT) 0100 China NBS Manufacturing PMI July 0130 Australia CPI QQ YY Q2 0130 Australia RBA Weighted Medn CPI QQ YY Q2 0130 Australia RBA Trimmed Mean CPI QQ YY Q2 0600 UK Nationwide House Price MM YY July 0645 French CPI (EU Norm) Prelim YY July 0755 Germany Unemployment Chg, Rate SA July 0900 EU HICP Flash YY July 0900 EU HICP-X F&E Flash YY July 0900 EU GDP Flash Prelim YY QQ Q2 0900 EU Unemployment Rate June 1800 US U.S. Federal Reserve's Federal Open Market Committee (FOMC) announces its decision on interest rates followed by a statement 1830 US Federal Reserve Chairman Jerome Powell holds news conference Grains prices at 0116 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 498.50 1.25 +0.25% +0.50% 514.03 43 CBOT corn 421.50 0.50 +0.12% -0.71% 439.74 29 CBOT soy 896.75 0.00 +0.00% -0.47% 912.48 35 CBOT rice 12.09 -$0.01 -0.04% -0.86% $11.77 60 WTI crude 58.33 $0.28 +0.48% +2.57% $57.55 Currencies Euro/dlr $1.115 $0.002 +0.21% +0.03% USD/AUD 0.6863 -0.004 -0.65% -1.25% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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