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UPDATE 1-U.S. wheat ratings improve; corn, soy harvests nearly done -USDA

(Recasts; updates with USDA figures) CHICAGO, Nov 14 (Reuters) - The U.S. Department of Agriculture on Monday rated 32% of the U.S. winter wheat crop in good to excellent condition, up 2 percentage points from the previous week and above an average of analyst expectations for a 1-point improvement. Still, the ratings are down significantly from this time a year ago, when 46% of the winter wheat crop was rated good to excellent. Wheat farmers in the southern Plains remain in the grip of a drought, exacerbated by a third straight year of the La Nina weather phenomenon. The USDA said last week that 74% of the U.S. winter wheat production area was experiencing drought as of Nov. 8, unchanged from a week earlier. Cold temperatures expected this week in the Plains and Midwest should help push the wheat crop into dormancy, limiting its moisture needs until growth resumes in the spring. Nonetheless, the poor ratings come at a time when U.S. wheat supplies are already tight. The USDA has projected that domestic wheat stocks will drop to 571 million bushels by the end of the 2022/23 marketing year, a 15-year low. The U.S. harvest of corn and soybeans is nearly complete. The USDA said the soybean harvest was 96% finished, just behind the average analyst estimate of 97% but ahead of the five-year average of 91%. For corn, the harvest was 93% complete, matching trade expectations and ahead of the five-year average of 85%. The United States is the world's largest corn exporter and the No. 2 supplier of soybeans after Brazil. All figures in percent: Category Analyst Analyst USDA average range last week USDA this week Corn harvested (percent) 93 92-94 87 93 Soybeans harvested (percent) 97 96-98 94 96 Winter wheat planted (percent) 96 94-98 92 96 Winter wheat conditions* 31 29-35 30 32 *Percent good/excellent (Reporting by Julie Ingwersen; Editing by David Gregorio)

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