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GRAINS-Wheat eases for 2nd day on U.S., Russia production outlook

* Wheat dips on expectations of bumper northern hemisphere output * Corn falls, U.S. planting delays limit decline in prices (Adds comment, detail) By Naveen Thukral SINGAPORE, April 16 (Reuters) - Chicago wheat futures slid for a second session on Tuesday, with prices under pressure from expectations of bumper production in Russia and the United States. Corn edged down to ease from a 10-day high touched in the previous session, though losses were checked as the U.S. Department of Agriculture (USDA) said planting was lagging market expectations. The most-active wheat contract on the Chicago Board of Trade had slipped 0.1 percent to $4.59-1/4 a bushel by 0242 GMT, after closing 1 percent lower on Monday. Corn was down 0.1 percent at $3.62-1/4 a bushel, while soybeans fell 0.1 percent to $8.97-3/4 a bushel. "U.S. winter wheat crops remain in largely good or better condition much as the market expected," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, in a note to clients. "(There is) nothing in this to suggest that U.S. inventories are being reduced, so the market remains bearish." The USDA said 60 percent of the winter wheat crop is in good-to-excellent condition, compared with 31 percent a year ago. Russia's SovEcon agriculture consultancy has raised its forecast for the country's wheat crop in 2019 to 83.4 million tonnes from 80 million tonnes because sowings are in good condition in the majority of Russia's regions, it said on Monday. SovEcon has also raised its overall grain forecast to 129.1 million tonnes from 126.1 million tonnes, it said. Corn prices were supported by wet weather delaying planting across the Midwest. The USDA said 3 percent of the corn crop has been planted, below market expectations. More rain is expected in the Delta region, eastern Plains and Midwest this week. Showers have already stalled planting in the Delta over the weekend, according to Radiant Solutions, a U.S. weather firm. Hopes for a positive outcome from U.S.-China trade talks supported soybean prices. U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions, marking a retreat on a core U.S. objective for the trade talks. The U.S. soybean crush increased by more than expected in March to the second-largest on record for the month, according to National Oilseed Processors Association (NOPA) data released on Monday. NOPA members, which handle about 95 percent of all soybeans crushed in the United States, processed 170.011 million bushels of the oilseed last month, up from 154.498 million bushels in February and just below the 171.858 million bushels crushed in March 2018, the record for the month. Grains prices at 0242 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 459.25 -0.25 -0.05% -1.13% 459.18 46 CBOT corn 362.25 -0.50 -0.14% +0.35% 367.04 49 CBOT soy 897.75 -1.00 -0.11% +0.28% 899.36 51 CBOT rice 10.59 $0.03 +0.28% +1.20% $10.75 53 WTI crude 63.32 -$0.08 -0.13% -0.89% $60.39 Currencies Euro/dlr $1.130 -$0.001 -0.09% -0.03% USD/AUD 0.7148 -0.003 -0.35% -0.32% (Reporting by Naveen Thukral; Editing by Joseph Radford)

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