* Outlook for bumper U.S. corn, soybean crops weakens prices
* Condition of soybean crop improves - USDA
* Wheat falls as large Russian crop to enter market
(Adds graphic with no change to text, updates prices with new contract lows in corn and wheat) HAMBURG, Aug 29 (Reuters) - U.S. corn fell on Tuesday to an eight-month low as fears of U.S. harvest losses eased, raising expectations of abundant supplies. Wheat dropped, hovering around contract lows, on expectations for big sales of Russian and other Black Sea wheat on world markets, while soybeans edged lower as a bumper U.S. crop loomed.
Chicago Board of Trade December corn was down 0.7 percent to $3.48-1/2
a bushel at 1048 GMT, a new contract low and the lowest since December 2016. Corn closed down 0.8 percent on Monday.
December wheat fell 0.7 percent to $4.25 a bushel, a new contract low
following the previous low point of $4.26-1/2 reached on Monday. November
soybeans were down 0.6 percent at $9.35 a bushel, after closing down 0.3
percent on Monday on prospects for a bumper U.S. crop. "Markets today remain soft because of prospects for large supplies," said Graydon Chong, senior commodity analyst with Rabobank. "This involves both corn, soybeans and wheat." A closely-watched crop tour of U.S. farm regions last week by the Profarmer group predicted bumper U.S. soy and corn harvests, which will begin hitting markets in the next few weeks, although smaller than U.S. Department of Agriculture (USDA) harvest forecasts. "The state of the U.S. corn crop does vary considerably from area to area and analyst expectations of yields continue to be relatively wide," Chong said. "But we have not seen major surprises which would change the perception of large U.S. corn and soybean crops." "The Profarmer crop tour last week gave corn and soybean yield estimates below the USDA's forecasts but still showed large crops. We will not get a real indication of the crop yields until the combine harvesters start rolling." Corn shrugged off the USDA's latest U.S. crop condition report, which came in below forecasts. The USDA said 62 percent of the U.S. corn crop is in good-to-excellent condition, unchanged from last week. Analysts had expected 63 percent.
The USDA said 61 percent of the soybean crop was in good-to-excellent condition, up from 60 percent last week. Analysts surveyed by Reuters had expected soy ratings to stay steady. "Prices for mid to low protein wheat continue to be weakened by the outlook for large global supplies, with a big crop in Russia expected," Chong said. "It looks like the downward pressure on mid to low protein wheat prices will continue as the Russian crop enters the world market."
(Reporting by Michael Hogan, Additional reporting by Colin Packham; Editing by Susan Thomas and Mark Potter)