SINGAPORE, Aug 6 (Reuters) - Chicago soybean futures slid for the first time in three sessions on Tuesday, with pressure from expectations of a bumper U.S. crop weighing on the market after a U.S. weekly report showed improved crop rating.
Corn and wheat prices fell with focus on global markets, which took a hit on Monday amid deepening worries about a U.S. recession.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.4% to $10.37 a bushel, as of 0025 GMT. Corn fell 0.4% to $4.05-1/2 a bushel and wheat gave up 0.2% to $5.38-1/4 a bushel.
* Weekly condition ratings for U.S. soybean crop improved, according to a government report issued after the market closed on Monday.
* The U.S. Department of Agriculture (USDA) rated 68% of the soybean crop in good to excellent condition in its weekly crop progress report, up from 67% last week, while 14 analysts surveyed by Reuters on average had expected a drop of 1 percentage point.
* The government rated 67% of the corn crop as good to excellent, down from 68% a week ago and in line with the average analyst estimate.
* Rains fell over the weekend in large parts of Argentina's central agricultural zone, arriving at a crucial time for the 2023/24 wheat crop after the driest month of July recorded in almost 60 years, the Rosario Stock Exchange said on Monday.
* Russian wheat export prices remained broadly stable last week, analysts said, noting a slight rebound in export shipments.
* A record heatwave in July across most Ukrainian regions may reduce the 2024 corn harvest by about 6 million metric tons from last year's level, Ukrainian producers' group the Ukrainian Agrarian Council has warned.
* Commodity funds were net buyers of CBOT corn, soybean and soymeal contracts on Monday, and net sellers of soyoil futures contracts, traders said. Wheat traded flat.
MARKET NEWS
* Asian share markets were hoping for a relief rally on Tuesday as futures pointed to an opening bounce on the hard-hit Nikkei and central bank officials said all the right things to soothe market nerves.
DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM June 0600 Germany Manufacturing O/P Cur Price SA June 0600 Germany Consumer Goods SA June 0830 UK S&P Global PMI: MSC Composite - Output July 1230 US International Trade June (Reporting by Naveen Thukral; Editing by Rashmi Aich)
