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GRAINS-Corn hits contract low ahead of big U.S. harvest, wheat mostly lower

(Updates prices, adds comments; changes byline, dateline, previous HAMBURG) CHICAGO, Aug 29 (Reuters) - Chicago Board of Trade corn

and wheat futures again fell to contract lows on

Tuesday on technical selling linked to a bumper Russian wheat crop and the approaching U.S. corn harvest, traders and analysts said. Prices for each commodity trimmed earlier losses, with some CBOT wheat contracts turning narrowly higher on light bargain

buying. MGEX spring wheat futures dropped about 1

percent and European milling wheat sank to lifetime lows.

CBOT December corn was down 2-1/4 cents to $3.48-3/4

per bushel, above their earlier contract low of $3.47. CBOT

December wheat up 1 cent to $4.29 per bushel at 12:18 p.m.

CDT (1718 GMT).

CBOT November soybean futures eased 2-1/4 cents to

$9.39 per bushel, edging lower after the U.S. Department of Agriculture late on Monday unexpectedly boosted condition ratings for the U.S. soy crop. Abundant global grain and soy supplies continued to anchor prices in the absence of bullish news to propel gains. Some investors also were beginning to square their positions ahead of the three-day U.S. Labor Day holiday weekend. "We're just consolidating," said Price Futures Group broker Jack Scoville. "We'll probably see some short-covering as we get to a three-day weekend; no one wants to take a short home because some weather might develop." Tropical Storm Harvey rainfall halted port loadings at wheat terminals in Texas, and the storm could delay corn and soy harvest in the Mississippi River Delta region later this week. There was a small chance frost could develop in the northern Plains, which could damage corn plants there, agriculture meteorologists said. Top global wheat buyer Egypt bought 295,000 tonnes of wheat from Russia and Ukraine in a tender in which no U.S. supplies were offered. "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." "The state of the U.S. corn crop does vary considerably from area to area ... but we have not seen major surprises which would change the perception of large U.S. corn and soybean crops," Chong added. USDA on Monday 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. USDA said 62 percent of the U.S. corn crop was in good to excellent condition, unchanged from last week.

(Additional reporting by Michael Hogan in Hamburg and Colin Packham in Sydney; Editing by Susan Thomas)