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GRAINS-Wheat at three-week low on favourable crop news; soy steadies

* Wheat dented by U.S. crop ratings, Black Sea rain forecasts

* Soybeans consolidates after 3-1/2 week low on meat demand fears

* Corn stuck near 3-1/2 year low on ethanol woes (Adds detail on U.S. meat plant shutdowns, quote in paragraph 8)

By Naveen Thukral and Sybille de La Hamaide

SINGAPORE/PARIS, April 15 (Reuters) - Chicago wheat futures fell about 2% on Wednesday to their lowest in more than three weeks on strong global crop prospects and technical selling.

Soybean futures were little changed, recovering from their lowest in more than three weeks, while corn edged down.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 2.1% at $5.38 a bushel by 1228 GMT, falling for a third straight session.

It earlier fell as low as $5.35-3/4, its weakest since March 20.

The contract extended losses after breaking below key technical points at $5.45-3/4 and $5.40. The next support was estimated at $5.34-1/4.

The U.S. Department of Agriculture (USDA) estimated that 62% of U.S. winter wheat was in good or excellent condition, stable on the week and slightly above last year.

Forecasts of rain in the Black Sea exporting region were also easing concern about the impact of dry weather on wheat crops.

"Showers gradually expand across Ukraine/Russia wheat (zones) over the next two weeks, easing stress on vegetative wheat growth," the Commodity Weather Group said.

Egypt, the world's largest wheat buyer, bought a lower than expected 120,000 tonnes of Russian wheat in a tender on Tuesday.

Traders showed little reaction to moves by countries in the Black Sea region to limit exports during the coronavirus epidemic, with measures viewed as having little effect on international supply.

Ukraine is ready to ban wheat exports if sales exceed limits agreed with traders, the deputy economy minister in charge of agriculture told Reuters on Wednesday.

CBOT soybeans edged down by a quarter of a cent to $8.46-3/4 a bushel, having dropped to their lowest since March 19 at $8.45 earlier in the day.

Corn was down 0.4% at $3.31 a bushel after dropping 1.7% in the previous session, hovering near a 3-1/2 year low.

The risk of disruption to meat production in the United States, with knock-on effects on livestock feed demand, continued to hang over the soybean market.

"It will be a big issue for soymeal demand as U.S. meat processing plants close down," said one Singapore-based trader at an international trading company.

"Soymeal prices are still pretty high, given the fears of lower demand."

Several U.S. meat processing plants implemented temporary closures last week after workers contracted the coronavirus, prompting fears of a knock-on effect on demand for soymeal widely used in feeding livestock.

Corn is under pressure as depressed oil prices weigh on demand for ethanol. More than a third of the U.S. crop is used to make ethanol biofuel.

(Reporting by Naveen Thukral in Singapore and Sybille de La Hamaide and Gus Trompiz in Paris; Editing by Sherry Jacob-Phillips and David Goodman)

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