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GRAINS-Wheat rebounds from 2-month low on USDA crop condition report

SYDNEY, Oct 31 (Reuters) - U.S. wheat edged higher on Tuesday, rebounding from a two-month low touched in the previous session, after a report from the U.S. Department of Agriculture (USDA) showed that the condition of the crop was below market expectations.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.2 percent at $4.25-1/2 a bushel by 0020 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.

* The most active soybean futures were up 0.1 percent at $9.73-1/2 a bushel, having closed down 0.3 percent on Monday.

* The most active corn futures were down 0.1 percent at $3.48-1/2 a bushel, having closed flat in the previous session.

* USDA said 52 percent of the U.S. wheat crop was in good to excellent condition as of Sunday, well behind market forecasts.

* USDA said 54 percent of the corn crop was harvested as of Sunday, ahead of market expectations.

* USDA said 83 percent of the soybean crop has been harvested, matching analyst expectations.

* Soybeans and corn are under pressure as rains poised to arrive in Brazil, aiding crop development.

MARKET NEWS

* The U.S. dollar fell on Monday after posting its biggest weekly rise this year last week as investors took profits and grew cautious amid news that President Donald Trump's former campaign manager faces charges of conspiracy against the United States.

* Oil prices were stable early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged.

* Wall Street pulled back from record-high territory on Monday, weighed down by a drop in Merck shares and a report that U.S. lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts

DATA (GMT)

0100 China NBS Non-Mfg PMI Oct 0300-0500 Japan BOJ rate decision 0630 France GDP Preliminary Q3 1000 Euro Zone GDP Flash Prelim Q3 1300 U.S. CaseShiller 20 MM SA Aug

Grains prices at 0019 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 425.50 0.75 +0.18% -1.45% 440.52 35 CBOT corn 348.25 -0.50 -0.14% -0.64% 350.33 44 CBOT soy 973.50 0.75 +0.08% +0.23% 973.23 44 CBOT rice 11.78 $0.01 +0.13% -0.04% $12.32 25 WTI crude 54.05 -$0.10 -0.18% +2.68% $51.37 74

Currencies

Euro/dlr $1.165 $0.004 +0.32% -0.04% USD/AUD 0.7692 0.002 +0.21% +0.42%

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)