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GRAINS-Corn eases 1% as USDA tempers fears over crop condition

U.S. corn futures fell 1% on Tuesday after the U.S. Department of Agriculture said the condition of North American crops was better than expected, easing fears that production will fall short of official forecasts. FUNDAMENTALS * The most active corn futures on the Chicago Board Of Trade were down 0.9% at $4.43 a bushel by 0043 GMT, having closed down 2.7% in the previous session. Prices hit a five-year high of $4.64-3/4 a bushel on Monday on concerns about hot, dry weather, but turned lower on forecasts for rain. * The most active soybean futures were down 0.6% at $9.14-1/2 a bushel, having closed down 1.2% on Tuesday. * The most active wheat futures were down 0.6% at $5.04-1/2 a bushel, having closed down 2.9% on Monday. * The USDA said in a weekly report that 58% of the corn crop is good-to-excellent, ahead of market expectations of 56%. * It said 76% of the U.S. wheat crop is in good-to-excellent condition, down 2 percentage points and behind market expectations. * The USDA report said 54% of the U.S. soybean crops are in good-to-excellent condition, slightly ahead of market forecasts. MARKET NEWS * The dollar edged higher on Monday in thin summer trading, with its potential upside limited by expectations the Federal Reserve will cut interest rates at next week's policy meeting. * Oil prices sank about 1% on Monday on signs that the impact of a tropical storm on U.S. Gulf Coast production and refining would be short-lived, while Chinese economic data dimmed the crude demand outlook. * The benchmark S&P 500 index ended little changed on Monday after oscillating between positive and negative territory throughout the session after Citigroup Inc kicked off the earnings season with a mixed quarterly report. Grains prices at 0043 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 504.50 -3.25 -0.64% -3.54% 522.31 39 CBOT corn 443.00 -4.00 -0.89% -3.54% 442.57 50 CBOT soy 914.50 -5.50 -0.60% -1.83% 911.48 54 CBOT rice 11.84 -$0.04 -0.38% -0.55% $11.77 73 WTI crude 59.45 -$0.13 -0.22% -1.26% $56.21 60 Currencies Euro/dlr $1.126 $0.000 +0.04% -0.07% USD/AUD 0.7041 0.000 +0.03% +0.34% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; editing by Richard Pullin)

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