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GRAINS-Corn eases as U.S. crop rating improves, wheat gives up gains

* Corn falls as USDA reports improved crop condition

* Forecasts of rains in coming days seen boosting corn, soybeans

* Wheat falls, giving up Monday's gains

(Adds details, quotes) SINGAPORE, Aug 15 (Reuters) - Chicago corn futures lost ground on Tuesday as improved crop conditions and forecasts of more rains across the U.S. Midwest boosted expectations of a bumper crop. Wheat slid, giving up last session's gains with ample supplies keeping a lid on prices. The Chicago Board Of Trade most-active corn contract fell 0.6 percent to $3.74 a bushel by 0331 GMT, having risen 0.4 percent in the previous session. Soybeans were down 0.1 percent to $9.37-1/4 a bushel and wheat lost 0.3 percent to $4.39-1/2 a bushel. "We had issues with crops in the United States but now that panic has gone out of the market," said Phin Ziebell, agribusiness economist, National Australia Bank. "Participants are now looking at very good weather and pretty good yields." After the market closed on Monday, the U.S. Department of Agriculture said 62 percent of the corn crop was in good to excellent condition, up 2 percent from last week. Analysts had expected the crop to be pegged at unchanged.

The agency pegged the soybean crop at 59 percent good to excellent, down 1 percent from the previous week and behind market forecasts for unchanged. Rainfall this week should benefit crops. About 70 percent of U.S. corn and soybean growing areas should receive rains in the next five days, according to the Commodity Weather Group. U.S. soybean suppliers are expected to face stiff competition from Brazil. Brazilian soybean exports so far this year have exceeded volumes for the full year of 2016 as the country harvests a bumper crop, according to preliminary data from the Development Ministry. Up until the second week of August, Brazil, the world's largest exporter of the oilseed, had sold 53.37 million tonnes, almost 3.5 percent above exports for the whole of last year, according to government data. The National Oilseed Processors Association's monthly report had been expected to show that the pace of soybean crushing in the U.S. eased slightly in July from a year earlier.

Analysts were expecting a July crush of 143.004 million bushels, according to the average of five estimates in a Reuters survey. NOPA reported a crush of 143.715 million bushels for July 2016.

Grains prices at 0331 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 439.50 -1.50 -0.34% +0.06% 488.83 24 CBOT corn 374.00 -2.25 -0.60% -0.20% 389.06 39 CBOT soy 937.25 -1.00 -0.11% -0.82% 991.66 28 CBOT rice 12.36 $0.02 +0.12% -1.12% $12.13 55 WTI crude 47.66 $0.07 +0.15% -2.38% $47.49 37

Currencies

Euro/dlr $1.178 $0.000 +0.02% -0.34% USD/AUD 0.7873 0.002 +0.31% -0.20%

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)