Soybeans ease on profit-taking after rally, USDA data

Most active corn settled up 2-1/4 cents to $4.75-1/4 a bushel. Corn moved up after a session of choppy trade.

The U.S. Department of Agriculture on Monday kept condition ratings for the nation's corn and soybean crops mostly steady from the previous week, surpassing analyst expectations in a Reuters poll of 11 analysts and adding pressure to futures.

The agency pegged condition ratings for the U.S. corn crop at 67%, one percentage point below the previous week's rating. Analysts had expected a rating of 66%.

For soybeans, the agency said that 66% of the U.S. crop is in good-to-excellent condition, up a percentage point from the previous week and above analyst expectations.

Chicago soybean prices fell on Tuesday on profit-taking after Monday's multi-month peak, as better-than-expected U.S. crop ratings weighed on prices, analysts said.

The most active soybean contract on the Chicago Board of Trade (CBOT) gave up 3-1/2 cents to end at $12.22-3/4 a bushel. Soybeans dropped as traders engaged in profit-taking on Tuesday after a surge to multi-month highs the previous session, according to Karl Setzer, co-founder of Consus Ag Consulting. Monday's rally was driven by strong demand and renewed fighting in the Middle East.

Wheat rose amid ongoing hostilities in the Black Sea and after falling wheat condition numbers released by the U.S. Department of Agriculture on Monday.

The most active wheat contract added 4 cents to finish at a bushel.