* Crop tour suggests storm impact in top U.S. corn state * Soybeans firm near 7-mth high on dry weather, China demand * Wheat at 3-wk high as adverse weather hurts Argentine crop (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Aug 21 (Reuters) - Chicago corn edged higher on Friday after a Midwest field tour pointed to lower yield prospects in top corn-growing state Iowa, suggesting storm damage there may cap expected bumper U.S. production. Soybeans ticked up, holding near a seven-month peak as concern about dry weather in part of the Midwest and steady Chinese demand underpinned the market. Wheat extended gains to a three-week high as worsening crop conditions in Argentina took attention away from recent upgrades to harvest forecasts in other exporting countries. The most-active corn contract on the Chicago Board Of Trade (CBOT) was up $0.4% at $3.40-3/4 a bushel at 1058 GMT. It was on course to rise slightly over the week, having climbed to a five-week high on Tuesday before easing back mid-week. "Grain markets worked higher overnight as crop tours begin to reveal the extent of the damage seen to U.S. crops from last week's storms," brokerage Allendale said in a note. Iowa's corn yield potential was down from last year and the three-year average, scouts on the annual Pro Farmer Midwest Crop Tour found on Thursday. The Iowa findings contrasted with above-average corn yields projected by the tour in other parts of the Midwest. An Aug. 10 derecho storm and recent dry weather have raised doubts about the U.S. Department of Agriculture forecasts projecting a record U.S. corn crop and the second-largest ever soybean harvest. The USDA has said it will collect new data on Iowa corn and soybean acreage following the storm. CBOT soybeans were up 0.1% at $9.06-1/2 a bushel. Crop tour scouts estimated soybean pod counts were up slightly from previous years in Iowa and well above average in parts of Minnesota. However dryness remained a concern as traders monitored forecasts for some rainfall next week. CBOT wheat was up 0.6% at $5.31-3/4 a bushel, after earlier reaching its highest since July 31 at $5.33. Frosts have hurt wheat crops in Argentina, adding to stress from recent dry weather, the Buenos Aires Grains Exchange said on Thursday. Prices at 1058 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 531.75 3.25 0.61 558.75 -4.83 CBOT corn 340.75 1.50 0.44 387.75 -12.12 CBOT soy 906.50 1.25 0.14 955.50 -5.13 Paris wheat December 183.25 2.00 1.10 188.75 -2.91 Paris maize Nov 166.00 0.00 0.00 174.75 -5.01 Paris rape Nov 380.00 0.50 0.13 391.50 -2.94 WTI crude oil 42.35 -0.47 -1.10 61.06 -30.64 Euro/dlr 1.18 -0.01 -0.50 1.1210 5.26 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 Aditya Soni and Elaine Hardcastle)
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The Link LonkAugust 21, 2020 at 06:12PM
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GRAINS-Corn steady as crop tour shows below-average Iowa yields - Successful Farming
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