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GRAINS-Wheat drops to 1-week low on U.S. crop condition, corn eases for 3rd day

SINGAPORE, April 9 (Reuters) - Chicago wheat futures slid 1 percent on Tuesday, dropping to a one-week low as the improved condition of the U.S. winter crop and abundant world supplies put pressure on prices. Corn eased for a third consecutive session ahead of a U.S. Department of Agriculture report which is expected to raise the outlook for stocks in the United States. FUNDAMENTALS * The most-active wheat contract on the Chicago Board of Trade fell 1 percent to $4.60-3/4 a bushel by 0113 GMT, after hitting its lowest since April 2 at $4.60-1/4 a bushel. * Corn fell 0.1 percent to $3.59-3/4 a bushel and soybeans were up quarter of a cent at $8.99 a bushel. * The wheat market is facing pressure from improved condition of the winter crop which will be harvested in the coming months. * The USDA rated 60 percent of the U.S. winter wheat crop in good to excellent condition, up from 56 percent a week ago and above an average of analyst expectations for no change. * Corn futures are trading near a one-week low ahead of the USDA report. The average estimate among analysts surveyed by Reuters for the amount of corn left over at the end of the 2018/19 marketing year was 1.991 billion bushels, up from USDA's March forecast of 1.835 billion. * U.S. farmers have begun planting the 2019 U.S. corn crop in southern fringes of the crop belt. After the CBOT close, the USDA reported U.S. corn planting progress as 2 percent complete, matching the five-year average and an average of analyst expectations. * A storm is forecast to bring rain and potentially heavy snow to northwestern portions of the U.S. Corn Belt on Wednesday and Thursday. * The storm could drop 6 to 12 inches of snow, with a few local amounts of 18 inches, on parts of South Dakota, Nebraska, Iowa, Minnesota and Wisconsin, the Commodity Weather Group said in a note to clients. * The soybean market is focused on U.S.-China trade talks. U.S. officials are "not satisfied yet" about all the issues standing in the way of a deal to end the U.S.-China trade war but made progress in talks with China last week, a top White House official said on Monday. * Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Monday and net buyers of soymeal and soybeans, traders said. MARKET NEWS * Asian shares got off to a subdued start on Tuesday as investors braced for key events later in the week, including the kick-off of the U.S. earnings season and a crucial Brexit summit, while broader concerns over slowing global growth checked sentiment. DATA/EVENTS (GMT) 0130 Australia Housing Finance Feb 1200 Brazil Retail Sales YY Feb Grains prices at 0113 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 460.75 -4.50 -0.97% -2.12% 459.32 41 CBOT corn 359.75 -0.25 -0.07% -1.51% 369.50 35 CBOT soy 899.00 0.25 +0.03% -0.83% 902.62 50 CBOT rice 10.37 -$0.05 -0.53% -1.75% $10.79 21 WTI crude 64.61 $0.21 +0.33% +4.04% $58.92 Currencies Euro/dlr $1.126 $0.004 +0.38% +0.33% USD/AUD 0.7121 0.002 +0.23% +0.14% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Richard Pullin)

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