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GRAINS-Soybeans fall 1 percent as USDA pegs crop condition above forecasts

SYDNEY, Aug 1 (Reuters) - U.S. soybeans fell more than 1 percent on Tuesday after the U.S. Department of Agriculture pegged the condition of the crop above market forecasts, easing fears of possible production losses as a result of recent dry weather.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were trading down 0.9 percent at $9.98 a bushel at 0110 GMT, having earlier dipped as low as $9.91-1/2, after closing down 0.6 percent on Monday.

* The most active corn futures were little changed at $3.84-1/2 a bushel, having closed down 0.8 percent in the previous session.

* The most active wheat futures were up 0.4 percent to $4.76-1/4 a bushel, having closed down 1.4 percent on Monday.

* USDA pegged 59 percent of the U.S. soybean crop at good to excellent, up 2 percent from last week and ahead of market expectations.

* Corn was pegged at 61 percent good to excellent, slightly below analysts' forecasts.

* The USDA said 31 percent of the U.S. spring crop was good to excellent, behind market forecasts for 33 percent.

MARKET NEWS

* The U.S. dollar hit a more than 2-1/2-year low against the euro on Monday on month-end portfolio adjustments and expectations for a more hawkish European Central Bank, and touched a more than six-week low against the yen on concerns over low U.S. inflation.

* Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela's oil sector and as supply concerns have waned in recent weeks.

* The Dow Jones Industrial Average hit a record closing high on Monday, helped by Boeing, while selling in Facebook, Alphabet and other technology companies checked the S&P 500 and pulled the Nasdaq lower.

DATA (GMT)

0900 Euro Zone GDP Flash Q2 1230 U.S. Personal consump Real June 1255 U.S. Redbook weekly 1400 U.S. ISM Manufacturing PMI July 1430 U.S. Texas Serv Sect Outlook July 1930 U.S. Domestic Car, Truck Sales July

Grains prices at 0110 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 476.25 1.75 +0.37% -0.99% 502.36 37 CBOT corn 384.50 -0.25 -0.06% -0.90% 391.98 43 CBOT soy 998.00 -9.25 -0.92% -1.48% 983.88 43 CBOT rice 12.26 $0.00 -0.04% -1.29% $11.91 67 WTI crude 50.21 $0.04 +0.08% +1.01% $45.95 81

Currencies

Euro/dlr $1.182 -$0.002 -0.15% +0.61% USD/AUD 0.8019 0.002 +0.21% +0.41%

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)