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GRAINS-Wheat edges up as USDA pegs crop condition below forecasts

* Wheat recovers from two-month low touched on Monday

* USDA says 52 pct of wheat crop good to excellent

* Corn ticks down, soybeans firm

SYDNEY, Oct 31 (Reuters) - U.S. wheat futures edged higher on Tuesday, recovering from a two-month low touched in the previous session, as the U.S. Department of Agriculture (USDA) said the condition of crop was below market expectations. Corn edged lower, while soybeans recouped much of the losses from the previous session. The most active wheat futures on the Chicago Board Of Trade were up 0.1 percent at $4.25-1/4 a bushel by 0305 GMT, having closed down 0.6 percent on Monday when prices hit a low of $4.22-1/2 a bushel - the lowest since Aug. 29. Analysts said the USDA's crop report was providing some support. "The USDA condition report may indicate the crop may not be as ample many expect, though I don't think it will be enough to alter balance sheets," said Phin Ziebell, an agribusiness economist at National Australia Bank. The USDA said 52 percent of the U.S. wheat crop was in good to excellent condition as of Sunday, well behind market forecasts. The most active corn futures were down 0.1 percent at $3.48-1/4 a bushel, having closed flat in the previous session. The USDA said 54 percent of the corn crop was harvested as of Sunday, ahead of market expectations. The most active soybean futures were up 0.2 percent at $9.75 a bushel, having closed down 0.3 percent on Monday. The USDA said 83 percent of the soybean crop has been harvested, matching analyst expectations. But gains were checked, analysts said, as rains are expected to arrive across a key producing region in Brazil, aiding seeding that has been hampered Brazilian farmers had sown 30 percent of the soy area through Thursday, roughly in line with a five-year average, but more than 10 percentage points below planting at the same time in the previous year's crop, consultancy AgRural said on Friday.

Grains prices at 0305 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 425.25 0.50 +0.12% -1.51% 440.51 35 CBOT corn 348.25 -0.50 -0.14% -0.64% 350.33 44 CBOT soy 975.00 2.25 +0.23% +0.39% 973.28 47 CBOT rice 11.78 $0.01 +0.13% -0.04% $12.32 25 WTI crude 54.06 -$0.09 -0.17% +2.70% $51.37 75

Currencies

Euro/dlr $1.164 $0.003 +0.25% -0.11% USD/AUD 0.7675 0.000 -0.01% +0.20%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Subhranshu Sahu)