SINGAPORE, April 4 (Reuters) - Chicago wheat futures gained more ground on Tuesday as the deteriorating condition of the U.S. winter crop raised concerns over global supplies.
Corn and soybeans eased.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.6% at $6.97-3/4 a bushel, as of 0019 GMT. Corn dipped 0.1% to $6.57-1/4 a bushel and soybeans lost 0.1% to $15.20-1/2 a bushel.
* The U.S. Department of Agriculture (USDA) in its first weekly crop progress report of the 2023 growing season rated 28% of U.S. winter wheat in "good-to-excellent" condition, the lowest for this time of year in records dating to 1989, as drought persists in key portions of the Plains wheat belt.
* The figures fell below most analysts' expectations. Eight analysts surveyed by Reuters on average had expected the government to rate 31% of the crop as "good-to-excellent", with estimates ranging from 25% to 36%.
* Adding to global supply concerns, Louis Dreyfus Company will stop exporting Russian grain from July 1, the group said on Monday, joining other merchants in dropping activities in the world's biggest wheat-exporting country.
* Export prices for Russian wheat halted a multi-week decline as major Western traders said they would stop handling Russian grain exports, and following a report that Russia's agriculture ministry had issued unofficial guidance to support export prices.
* The forecast for the central U.S. corn belt showed drier conditions over the next two weeks. Corn planting was 2% complete, in line with last year, the plant progress report showed.
* Brazilian farmers have harvested 76% of the soybean area planted for 2022/23 through last Thursday, agribusiness consultancy AgRural said on Monday, up six percentage points from the previous week.
* At the same time last year, 81% of the Brazilian soy fields had been reaped, said AgRural.
* Commodity funds were net buyers of CBOT soybean, corn, soyoil, and wheat futures contracts and net sellers of soymeal futures contracts on Monday, traders said.
MARKET NEWS
* Brent crude oil climbed $5 a barrel on Monday after Saudi Arabia and other OPEC+ producers announced new production cuts, and gains in energy shares helped lift world stock indexes.
DATA/EVENTS (GMT) 0430 Australia RBA Cash Rate April 1400 US Factory Orders MM Feb (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
