Wheat near 2-month high as US crop condition declines

SINGAPORE, April 23 (Reuters) - Chicago wheat rose for a third consecutive session on Tuesday, with the market trading close to the last session's highest in more than two months after a U.S. report showed a decline in the winter crop condition amid worries over dryness in Russia.

Corn ticked lower, while soybeans firmed.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) added 0.2% to $5.88-3/4 a bushel, as of 0014 GMT, not far from Monday's highest since mid-February at $5.96 a bushel.

* Corn lost 0.1% to $4.39-1/2 a bushel and soybeans rose 0.1% to $11.77-1/4 a bushel.

* The U.S. Department of Agriculture's (USDA) weekly crop progress report showed 50% of U.S. winter wheat crop in good-to-excellent condition, short of the average analyst estimates polled by Reuters by 4 percentage points.

* The ratings are still the highest for this time of year since 2020, though the surprising reduction may raise concerns about dry weather in the southern Plains.

* Dry weather in Russia is adding to worries over Northern Hemisphere crops, which will be harvested in the coming months.

* Analysts said Russian attacks on the port of Pivdennyi in Ukraine's southern Odesa region on Friday caused further stress to the market.

* The missile strikes destroyed grain storage facilities and foodstuffs they contained, Ukrainian President Volodymyr Zelenskiy and other officials said.

* The USDA reported 12% of corn has been planted for the week ending April 24, compared to 6% planted last week and in line with analyst estimates.

* It reported 8% of soybeans has been planted, compared to 3% in the previous week. Analysts on average had forecast 7% of the crop planted.

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

MARKET NEWS

* Investors scaled back safe-haven bets on Monday as worries over a wider Middle East conflict eased, boosting world equities and pressuring gold, oil and bond prices.

DATA/EVENTS (GMT) 0715 France HCOB Mfg, Serv, Comp Flash PMIs April 0730 Germany HCOB Mfg, Serv, Comp Flash PMIs April 0800 EU HCOB Mfg, Serv, Comp Flash PMIs April 0830 UK Flash Comp, Mfg, Serv PMIs April 1345 US S&P Global Mfg, Svcs, Comp Flash PMIs April 1400 US New Home Sales-Units March (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)