* Pro Farmer Midwest Crop Tour sees higher corn yields * Estimates offset storm damage fears that fuelled 5-week high * Wheat stays firm on demand, soybeans steady near 7-month top (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Aug 19 (Reuters) - Chicago corn edged lower on Wednesday, consolidating below a five-week high as crop tour estimates of higher yields in parts of the U.S. Midwest offset concerns over storm damage. Soybeans ticked higher to hold close to a near seven-month peak struck this week, with dry conditions for U.S. crops and brisk Chinese demand underpinning the oilseed market. Wheat rose for a fifth straight session, helped by steady international demand, but held below Tuesday's two-week top. Scouts on the widely followed Pro Farmer Midwest Crop Tour this week have observed strong corn yield prospects found in Ohio and South Dakota as well as above-average crop potential in parts of Nebraska and Indiana. That has shifted attention back to the potential for a bumper crop after storm damage in top corn-growing state Iowa a week ago raised doubts about harvest prospects. "The daily results of the Pro Farmer Tour offer a reassuring factor knowing that the situation in Iowa will be difficult this year in the context of ... the damage to corn crops," consultancy Agritel said. However, the impact of the storm remained a question mark, with the U.S. Department of Agriculture saying this week it will collect updated harvested acreage data for corn and soybeans in Iowa. The most-active corn contract on the Chicago Board of Trade fell 0.4% to $3.40-1/4 a bushel, as of 1050 GMT, after hitting its highest since July 10 at $3.46 on Tuesday. CBOT soybeans inched up 0.1% to $9.14-1/2 a bushel, after touching their highest since Jan. 22 on Monday at $9.17-1/2. CBOT wheat added 1.0% to $5.22-1/2 a bushel. Dryness in parts of the Midwest remained a concern for soybeans and scouts on the Profarmer tour said soy crops in parts of Nebraska and Indiana may need more rain to hit peak yields. Prices at 1050 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 522.50 5.00 0.97 558.75 -6.49 CBOT corn 340.25 -1.50 -0.44 387.75 -12.25 CBOT soy 914.50 0.75 0.08 955.50 -4.29 Paris wheat December 181.50 0.75 0.41 188.75 -3.84 Paris maize Nov 166.00 0.50 0.30 174.75 -5.01 Paris rape Nov 380.50 -1.25 -0.33 391.50 -2.81 WTI crude oil 42.50 -0.39 -0.91 61.06 -30.40 Euro/dlr 1.19 0.00 0.04 1.1210 6.46 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 Rashmi Aich and David Holmes)
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The Link LonkAugust 19, 2020 at 05:59PM
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