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GRAINS-Soybeans gain on China demand, corn edges lower

    * Chinese purchases underpin Chicago soybean futures
    * Improved U.S. rating lifts expectations for bumper crop
    * Wheat pressured by higher Australian crop forecast

 (Updates prices, adds details throughout)
    By Naveen Thukral and Sybille de La Hamaide
    SINGAPORE/PARIS, June 10 (Reuters) - Chicago soybeans rose on Wednesday,
supported by solid demand from the world's biggest importer China, while corn
ticked lower on good crop conditions.
    Wheat turned higher after falling for three consecutive sessions, but
remained capped by expectations of higher Australian output and ample world
supplies.
    "China is key to soybean prices for now as they are buying U.S. beans," said
Ole Houe, director of advisory services at agriculture brokerage IKON
Commodities in Sydney.  
    The most-active soybean contract on the Chicago Board Of Trade (CBOT)
was 0.35% higher at $8.66-1/4 a bushel by 1030 GMT. Corn slipped 0.3% to
$3.26-1/2 a bushel, while wheat gained 0.7% to $5.08-1/4 a bushel.
    China's state-owned trader Sinograin bought at least 120,000 tonnes of U.S.
soybeans for shipment in December from U.S. Pacific Northwest ports, two U.S.
traders familiar with the deals said.
    The U.S. Department of Agriculture's (USDA) weekly crop conditions report,
issued after the market close on Monday, rated 75% of the U.S. corn crop as
"good to excellent", up from 74% last week and aligned with average analyst
estimates in a Reuters poll.
    For soybeans, the USDA rated 72% of the crop as "good to excellent", up from
70% last week, and 82% of U.S. spring wheat as "good to excellent", above
analyst expectations of 80%.
    Wheat was supported by good international demand, with Egypt back in the
market to buy an unspecified amount from global suppliers for shipment from July
12-22.
    This is the second time Egypt's General Authority for Supply Commodities
(GASC) has tendered for wheat in less than two weeks. On June 2 it bought
120,000 tonnes of Ukrainian wheat for July 10-25 shipment. 
    In Europe, farm office FranceAgriMer increased its forecast for French soft
wheat exports outside the European Union this season to 13.45 million tonnes
from the 13.3 million estimated last month.
    CBOT wheat prices had fallen in overnight trade after Australia raised its
estimate for wheat production in the 2020/21 season by more than 25% on
Wednesday after recent heavy rains broke a three-year drought that has ravaged
the country's east coast.
    The Australian Bureau of Agricultural and Resource Economics and Sciences
said wheat production for the year ending June 30, 2021 will total 26.7 million
tonnes, up from its March estimate of 21.3 million tonnes.
    Commodity funds were net sellers of CBOT corn, wheat and soymeal futures
contracts on Tuesday, and net buyers of soyoil futures, traders said.
    
    
 Prices at 1030 GMT                                                  
                                  Last  Change    Pct     End     Ytd
                                                 Move    2019     Pct
                                                                 Move
  CBOT wheat                    508.25    3.75   0.74  558.75   -9.04
  CBOT corn                     326.50   -1.00  -0.31  387.75  -15.80
  CBOT soy                      866.25    3.00   0.35  955.50   -9.34
  Paris wheat December          187.25    0.75   0.40  188.25   -0.53
  Paris maize Jun               169.00   -0.25  -0.15  168.50    0.30
  Paris rape Aug                377.00   -1.75  -0.46  387.25   -2.65
  WTI crude oil                  37.92   -1.02  -2.62   61.06  -37.90
  Euro/dlr                        1.14    0.00   0.11  1.1210    1.28
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 

 (Reporting by Naveen Thukral; Editing by Rashmi Aich and Alexander Smith)
  
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