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GRAINS-Soybeans slide 1 pct as USDA says condition of U.S crop improves

* Soybeans hit five-day low

* Wheat edges higher as spring crop suffers more damage

* Corn little changed

SYDNEY, Aug 1 (Reuters) - U.S. soybeans fell 1 percent on Tuesday after the U.S. Department of Agriculture pegged the condition of the crop above market forecasts, dampening fears of potential yield losses as a result of recent hot, dry weather. Wheat edged higher as the USDA said U.S. high quality crops suffered again last week, while corn was little changed. The most active soybean futures on the Chicago Board Of Trade were trading down 0.9 percent at $9.98 a bushel at 0313 GMT, having earlier dipped as low as $9.91-1/2 a bushel - the lowest since July 26. Soybeans closed down 0.6 percent on Monday. Analysts attributed the fall to a surprising uptick in the condition of U.S. crops, but said weather continues to loom over prices. "Soybeans remain at peril in what has already been a long, hot U.S. summer," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. 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. 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. Corn was pegged at 61 percent good to excellent, slightly below analysts' forecasts. The most active wheat futures were up 0.2 percent to $4.75-1/4 a bushel, having closed down 1.4 percent on Monday. The USDA said 31 percent of the U.S. spring crop was good to excellent, behind market forecasts for 33 percent. European supplies are also under threat from adverse weather. The risk of quality damage in this summer's German wheat harvest is increasing as rain soaks crops waiting to be cut, denting the European Union's export prospects after France's better-than-expected harvest results.

Grains prices at 0313 GMT

Contract Last Change Pct chg Two-day MA 30 RSI

chg

CBOT wheat 475.50 1.00 +0.21% -1.14% 502.33 36 CBOT corn 384.50 -0.25 -0.06% -0.90% 391.98 43 CBOT soy 998.50 -8.75 -0.87% -1.43% 983.89 46 CBOT rice 12.26 $0.00 +0.00% -1.25% $11.91 68 WTI crude 50.28 $0.11 +0.22% +1.15% $45.95 81

Currencies

Euro/dlr $1.182 -$0.002 -0.15% +0.61% USD/AUD 0.8029 0.003 +0.34% +0.54%

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)