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GRAINS-Wheat firms on U.S. crop concerns; corn rises for second session

SINGAPORE, April 26 (Reuters) - Chicago wheat futures rose on Tuesday as a decline in U.S. winter crop conditions heightened concerns over global supplies, which have already been hit by Russia's invasion of Ukraine.

Corn rose for a second session as a slow start to U.S. planting underpinned prices.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.8% at $10.81-1/4 a bushel, as of 0036 GMT. Corn Cv1 rose 0.3% to $8.00-1/2 a bushel and soybeans Sv1 were unmoved at $16.75-1/4 a bushel.

The U.S. Department of Agriculture (USDA) on Monday rated 27% of U.S. winter wheat in good-to-excellent condition, down three percentage points from a week ago and the lowest for this time of year since 1989, as drought persists in the Plains wheat belt.

The figure also fell below the lowest in a range of analyst expectations. Twelve analysts surveyed by Reuters on average had expected the government to rate 30% of the crop as good-to-excellent, with estimates ranging from 28% to 34%.

Tightening global wheat supplies and the conflict between Ukraine and Russia, two major wheat exporters, have heightened the significance of U.S. winter wheat production prospects.

In the U.S. Midwest, cool and wet conditions slowed corn and soybean planting. The USDA said the U.S. corn crop was 7% seeded by Sunday, below the average analyst estimate of 9% and the five-year average of 15%.

U.S. soybean planting was 3% complete, matching trade expectations but behind the five-year average of 5%.

Indonesia's agriculture ministry said on Monday crude palm oil shipments would be excluded from a planned palm oil export ban, according to a copy of an official letter sent to local government leaders.

Though an exemption of crude palm oil from the export curbs will be positive for global markets, the majority of Indonesia's palm exports are in the form of processed oils that remain affected by the ban.

Commodity funds were net sellers of CBOT soybean, wheat, soymeal and soyoil futures contracts on Monday and net buyers of corn futures, traders said.

MARKET NEWS
European stocks slid to a one-month low and commodity prices dropped on Monday on renewed concerns about rising interest rates and China's sputtering economy, while Wall Street shares rose, reversing losses after Twitter agreed to be bought by billionaire Elon Musk.
By: via Malaysian Palm Oil Council Russia