* Crop tour sees sharply higher corn yields in Ohio * USDA corn crop rating also falls by less than expected * Soybeans ease after seven-month high (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Aug 18 (Reuters) - Chicago corn edged lower on Tuesday as higher yields estimated on a crop tour in part of the Midwest tempered concern about storm damage that drove prices to a five-week high a day earlier. Soybeans also ticked lower but held close to Monday's multi-month high as concerns over dry Midwest weather and brisk Chinese demand underpinned the oilseed market. Wheat tracked corn lower. The most active corn contract on the Chicago Board of Trade was down 0.7% at $3.42-1/2 a bushel at 0923 GMT after jumping 2% on Monday, when prices hit their highest since July 10 at $3.45. "The rally in corn prices was largely fund driven," said Ole Houe, director of advisory services at Sydney agriculture brokerage IKON Commodities. "So far, there are no signs that there will be any shortage of corn in the world." Corn has rallied in the past week as damage caused by a storm in parts of the U.S. Midwest threatened widespread crop damage and raised doubts over an official forecast projecting a record U.S. corn harvest this autumn. Corn yields in Ohio were projected sharply higher than a year ago at 167.69 bushels per acre, also above the three-year crop-tour average, the Pro Farmer Midwest Crop Tour said on Monday. The U.S. Department of Agriculture's weekly crop progress report on Monday said that 69% of the U.S. corn crop is in good-to-excellent condition, down two percentage points from a week ago but just above an average of trade expectations. CBOT soybeans lost 0.4% to $9.11-1/4 a bushel after reaching their highest since Jan. 22 on Monday. Wheat gave up 0.9% to $5.21-3/4 a bushel after climbing by more than 3% in the previous session. The USDA's weekly soybean rating was 72% good to excellent, down 2 points from the previous week and in line with trade expectations. Prices at 0923 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 521.75 -4.50 -0.86 558.75 -6.62 CBOT corn 342.50 -2.25 -0.65 387.75 -11.67 CBOT soy 911.25 -4.00 -0.44 955.50 -4.63 Paris wheat December 180.75 -1.75 -0.96 188.75 -4.24 Paris maize Nov 165.25 -0.75 -0.45 174.75 -5.44 Paris rape Nov 377.75 0.00 0.00 391.50 -3.51 WTI crude oil 42.90 0.01 0.02 61.06 -29.74 Euro/dlr 1.19 0.00 0.34 1.1210 6.24 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Shailesh Kuber and David Goodman )
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The Link LonkAugust 18, 2020 at 04:40PM
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GRAINS-Corn eases from five-week peak as crop tour tempers storm worries - Successful Farming
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