* Soybeans hit a near two-week high
* Condition of soybean crop falls after dry weather
* Corn condition behind market forecasts
SYDNEY, July 25 (Reuters) - U.S. soybeans rose as much as 2 percent on Tuesday to hit a near two-week high after the U.S. Department of Agriculture said more of the crop had been damaged Corn rose 0.5 percent as the condition of the U.S. crop was also pegged behind market expectations, while wheat added about 0.3 percent. The most active soybean futures on the Chicago Board of Trade rose 1.3 percent to $10.23 a bushel by 0030 GMT, having earlier hit $10.35-1/2 a bushel - the highest since July 12. Soybeans closed down 1.2 percent in the previous session. The fall comes after the USDA said 57 percent of the U.S. soybean crop was good to excellent, down 4 percent from last week. Analysts had expected a fall of 1 percent.
"There has been a lot of concern about the weather impact on U.S. crops, and the USDA figures will stoke those fears," said Phin Ziebell, agribusiness economist, National Australia Bank. While weather forecasts call for wet weather this week, which should aid crops, analysts fear likely smaller U.S. output, which comes as demand for U.S. supplies intensifies. A U.S. Agriculture Department report showed bigger-than-expected weekly soybean export inspections of 596,920 tonnes. Weekly wheat and corn inspections were in line with market forecasts. The most active corn futures were up 0.5 percent at $3.92-3/4 a bushel, after closing down 0.7 percent on Monday. The USDA pegged the condition of the corn crop at 62 percent good to excellent, slightly below analysts' forecast. The most active wheat futures rose nearly 0.3 percent to $4.90-1/4 a bushel after falling 2 percent on Monday when prices hit a low of $4.83 a bushel, the weakest since June 29. Wheat has been under pressure in recent weeks despite fears for U.S. high protein supplies, with the market increasingly comfortable that ample global supplies of lower grade grain will ease global shortages. The USDA said spring wheat was 33 percent good to excellent, matching forecasts.
Grains prices at 0030 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 490.25 1.50 +0.31% -1.80% 501.64 38 CBOT corn 392.75 2.00 +0.51% -0.19% 394.98 50 CBOT soy 1023.25 13.25 +1.31% +0.10% 974.76 60 CBOT rice 12.14 $0.00 +0.00% +1.29% $11.79 75 WTI crude 46.42 $0.08 +0.17% +1.42% $45.13 56
Euro/dlr $1.163 $0.000 -0.04% -0.24% USD/AUD 0.7922 0.000 +0.00% +0.14%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; Editing by Richard Pullin)