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GRAINS-U.S. corn hits 1-year low as harvest nears end; soy weak

* Contract lows in most corn contacts as supplies weigh

* Improving South American weather pressures soybeans

* Wheat firms on short-covering, softer dollar
(Recasts, updates with closing prices)

By Julie Ingwersen

CHICAGO, Nov 14 (Reuters) - U.S. corn futures dropped 1.4
percent to a one-year low on Tuesday, pressured by ample
supplies from the nearly completed harvest of the second-largest
domestic corn crop on record, traders said.

Soybeans declined, following corn lower, as improving crop
weather in South America added to bearish sentiment. But wheat
futures firmed.

Chicago Board of Trade December corn ended down 4-3/4
cents at $3.37-1/2 per bushel after dipping to $3.37-1/4, a
contract low. That also was the lowest for the most actively
traded contract since Nov. 15, 2016.

CBOT January soybeans dropped 6-1/2 cents to $9.67-3/4
a bushel while December wheat rose 3-3/4 cents to $4.28.

Technical selling in corn accelerated after slipping below
its previous low, which was set last week after the U.S.
Department of Agriculture raised its estimate of the U.S. corn
yield to a record 175.4 bushels per acre.

The government put corn production at 14.6 billion bushels,
second only to the 2016 crop.

"It's a crop that is bigger than what they thought. The
end-user has his hands in his pockets, and world competition is
still keen. That all adds up," said Don Roose, president of
Iowa-based U.S. Commodities.

The USDA late Monday said the corn harvest was 83 percent
complete and the soybean harvest was 93 percent complete.

Better weather in South America, including beneficial rains
this week in parts of Brazil, bolstered global production
prospects.

"The rains in Mato Grosso yesterday were enough to convince
people that the rest of the Brazilian planting progress will be
wrapped up in the next few weeks ... If soybeans are planted in
timely matter, then the second-crop corn should not have any
issues going into the ground," said Terry Reilly, senior
commodity analyst with Futures International.

However, mostly dry conditions were expected next week in
Argentina's main agricultural area, which could delay soybean
planting.

Broad weakness in commodities added pressure. The 19-market
Thomson Reuters/CoreCommodity Index was down 1.3
percent, hitting its lowest since Nov. 3.

CBOT wheat bucked the weak trend, firming on technical
buying including short-covering, and a weaker dollar,
which in theory makes U.S. wheat more attractive on the global
market.

"On wheat, export competitiveness will be a critical factor
in the near future, especially between the U.S. and the Black
Sea region before the Black Sea slows down for the winter," said
Graydon Chong, senior commodity analyst with Rabobank.
(Additional reporting by Mark Weinraub in Chicago, Michael
Hogan in Hamburg and Naveen Thukral in Singapore; Editing by
David Gregorio and James Dalgleish)

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