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GRAINS-Corn drops on U.S. planting progress; wheat, soybeans fall

    * Corn falls as U.S. farmers complete 83% of planting
    * Wheat drops for 2 out of 3 sessions, soybeans lower 

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 11 (Reuters) - Chicago corn futures lost
ground on Tuesday as U.S. farmers made progress in seeding the
crop, although concerns over lower yields from late-planted crop
limited losses.
    Wheat slid, falling for two of three sessions on improved
conditions of the U.S. spring wheat, while soybeans fell after
closing higher on Monday.
    The most-active corn contract on the Chicago Board of Trade
 was down 0.5% at $4.13-1/2 a bushel by 0245 GMT, having
closed the previous session unchanged.
    Wheat lost 0.8% to $5.03-1/2 a bushel and soybeans
 were down 0.5% at $8.54-1/4 a bushel, having firmed 0.3%
on Monday.
    "U.S. farmers might just be able to finish planting if the
weather holds up," said one Singapore-based feed grains trader.
"It is probably not going to be a disaster that the market was
expecting but yields are going to suffer."
    The USDA in its weekly crop report said corn planting was
83% complete, up from 67% a week ago and matching analyst
expectations.
    The agency rated 59% of the crop as good-to-excellent, ahead
of market expectations. 
    The U.S. Crop Watch producers report that a lot of progress
was made on planting last week as most areas finally got a
favourable stretch of dry weather. Although much of the corn was
planted a lot later than usual due to the overly wet spring, the
producers say that their corn fields are in decent condition.

    Soybeans, which are usually planted later than corn, were
60% planted, slightly ahead of market forecasts. That was up
from 39% a week earlier and below the average for 88%.
    The USDA is expected to trim its estimates for corn and
soybean yields in its monthly supply and demand report due later
on Tuesday. However, some traders said the cuts will likely be
too small to reflect the full impact of late planting.

    The USDA said 81% of the spring wheat crop is in
good-to-excellent condition, below last week's 83% but above 70%
a year ago.
    The agency is looking into ways to allow farmers who have
been unable to plant crops due to rains and waterlogged fields
to qualify for farm aid payments, Agriculture Secretary Sonny
Perdue said on Monday.
    Commodity funds were net buyers of CBOT corn, soybean,
soymeal, soyoil and wheat futures contracts on Monday, traders
said.
    
 Grains prices at 0245 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  503.50  -4.00    -0.79%   -1.27%       468.54  55
 CBOT corn   413.50  -2.25    -0.54%   -1.66%       389.30  51
 CBOT soy    854.25  -4.25    -0.50%   -1.67%       844.38  46
 CBOT rice   11.73   -$0.04   -0.38%   -0.09%       $11.21  67
 WTI crude   53.47   $0.21    +0.39%   -0.96%       $59.16  
 Currencies                                                 
 Euro/dlr    $1.131  -$0.002  -0.18%   +0.33%               
 USD/AUD     0.6956  -0.004   -0.60%   -0.29%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; editing by Uttaresh.V)
  
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