US wheat conditions improve after rains, corn crop rated 69% good-excellent

By Julie Ingwersen and Tom Polansek

CHICAGO, May 30 (Reuters) - The condition of the drought-hit U.S. winter wheat crop has improved more than analysts expected, while the nation's corn is in worse shape than last year, U.S. Department of Agriculture data showed on Tuesday.

The lower-than-expected rating could give a slight boost to Chicago Board of Trade corn futures Cv1, Wiegand said.

The United States is the world's No. 2 corn exporter after Brazil. Dryness in parts of the Midwest has raised questions about the crop's outlook, after the USDA on May 12 projected that corn supplies will rise sharply due to forecasts for a record harvest.

U.S. corn planting is 92% complete, up from 81% a week ago, the USDA said. That matched analysts' expectations.

For soybeans, planting is 83% complete, up from 66% a week ago, the USDA said. Analysts on average expected 82%.

All figures in percent:

Category

Analyst average

Analyst range

USDA last week

USDA this week

Corn planted (%)

92

90-95

81

92

Corn condition ratings*

71

67-75

NA

69

Soybeans planted (%)

82

77-85

66

83

Spring wheat planted (%)

82

77-88

64

85

Winter wheat condition ratings*

32

30-33

31

34

*% good/excellent

(Reporting by Julie Ingwersen and Tom Polansek in Chicago; Editing by Sonali Paul)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))

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