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GRAINS-Soybeans up for 3rd day as U.S. crop condition below forecasts

* Soybeans up 0.5 pct, corn gains 0.3 pct, wheat up 0.2 pct

* Crop condition rating below market f'cast underpins prices

(Adds details, quotes) SINGAPORE, June 27 (Reuters) - U.S. soybeans rose half a percent on Tuesday, extending gains into a third session after the U.S. Department of Agriculture pegged the condition of the crop below market expectations. Wheat firmed after dropping 1.6 percent in the last session and corn gained more ground. The Chicago Board Of Trade most-active soybean contract rose 0.5 percent to $9.11-1/2 a bushel by 0211 GMT, corn gained 0.3 percent to $3.60 a bushel and wheat added 0.2 percent to $4.66-1/2 a bushel. "We are seeing a slight bounce in soybean and corn prices as the conditions of U.S. crops remains the focus even though July weather is crucial for corn and August is key for soybeans," said Kaname Gokon of Tokyo brokerage Okato Shoji. "If the weather is good in July and August, it will be bearish for prices." The USDA rated 67 percent of the U.S. corn crop in good to excellent condition, unchanged from the prior week, but below analysts' expectations. Soybean ratings fell, with 66 percent of the crop rated good to excellent, down from 67 percent a week earlier and behind market forecasts. The USDA said 40 percent of the spring wheat crop was good to excellent, slightly below market expectations. Rains forecast across key U.S. corn and soybean growing regions, aiding crops. Traders continued to adjust positions ahead of the USDA's June 30 acreage and quarterly stocks reports, which have a history of jolting the market. Large speculators increased their net short position in CBOT corn futures in the week to June 20, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and increased their net short position in soybeans.

Grains prices at 0211 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 466.50 1.00 +0.21% -1.84% 457.73 45 CBOT corn 360.00 1.00 +0.28% +0.63% 372.67 30 CBOT soy 911.50 4.75 +0.52% +0.77% 932.23 33 CBOT rice 11.19 $0.01 +0.04% +0.72% $11.11 47 WTI crude 43.45 $0.07 +0.16% +1.02% $46.85 37

Currencies

Euro/dlr $1.118 $0.000 +0.03% -0.09% USD/AUD 0.7575 -0.001 -0.09% +0.13%

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)