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GRAINS-Corn prices edge down, but U.S. crop report curbs losses

SYDNEY, June 1 (Reuters) - U.S. corn prices edged down on Thursday but stayed near an eight-day high touched the day before, with losses curbed by a U.S. government report that pegged the condition of crops below market expectations.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade fell 0.13 percent to $3.71-1/2 a bushel. They gained 1.4 percent in the previous session, when prices hit their strongest since May 22 at $3.76-1/2 a bushel.

* The most active wheat futures rose 0.3 percent to $4.30-1/2 a bushel, having closed the last session little changed.

* The most active soybean futures were unchanged at $9.16 a bushel, after closing up 0.36 percent on Wednesday.

* Corn was supported after the U.S. Department of Agriculture's first weekly corn condition ratings for 2017, which showed 65 percent of the crop was in good to excellent condition.

* The figure fell below an average of analyst expectations for 68 percent and was down from 72 percent a year ago. It raised concerns that the crop might not be able to meet the government's initial yield projection of 170.7 bushels per acre, based on historical trends.

* The USDA rated 50 percent of the U.S. winter wheat crop in good to excellent condition, down from 52 percent the previous week.

* Egypt's state grain buyer GASC bought 180,000 tonnes of wheat in an international purchase tender, including 120,000 tonnes of Russian and 60,000 tonnes of Romanian origin. GASC passed on offers of U.S. hard red winter wheat.

MARKET NEWS

* The dollar languished near a recent 6-1/2 month low against a basket of major currencies on Thursday, while sterling slipped after a poll showed a slimmer lead for Prime Minister Theresa May's ruling party before next week's election.

* Oil futures rose on Thursday after slumping to a three-week low the previous session, buoyed by an industry report that showed U.S. crude stockpiles had fallen more than expected.

* U.S. stocks were little changed on Wednesday as financials dropped after JPMorgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays.

DATA AHEAD (GMT)

0145 China Caixin manufacturing PMI final May 0600 Britain Nationwide house prices May 0750 France Markit manufacturing PMI May 0755 Germany Markit/BME manufacturing PMI May 0800 Euro zone Markit manufacturing PMI final May 1215 U.S. ADP national employment May 1230 U.S. Weekly jobless claims 1400 U.S. ISM manufacturing PMI May 1400 U.S. Construction spending Apr

Grains prices at 0108 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.50 1.25 +0.29% +0.23% 432.54 53 CBOT corn 371.50 -0.50 -0.13% +1.23% 369.68 54 CBOT soy 916.00 0.00 +0.00% +0.36% 956.80 26 CBOT rice 11.13 -$0.01 -0.04% -0.54% $10.34 65 WTI crude 48.75 $0.43 +0.89% -1.83% $48.77 43

Currencies

Euro/dlr $1.124 $0.000 -0.04% +0.47% USD/AUD 0.7422 -0.001 -0.09% -0.56%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)