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GRAINS-Wheat hits six-week low on fair crop conditions

SYDNEY, April 30 (Reuters) - U.S. wheat futures edged down on Tuesday to hit a six-week low as the U.S. Department of Agriculture said the condition of the winter crop was ahead of market forecasts.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.4 percent at $4.33-1/2 a bushel, as of 0056 GMT, near the session's low of $4.33 a bushel - the weakest since March 12. Wheat closed down 2 percent on Monday.

* The most active corn futures were down 0.1 percent at $3.61-1/2, having closed up 0.1 percent in the previous session when prices hit a high of $3.66 a bushel - the firmest since April 22.

* The most active soybean futures were up 0.2 percent at $8.62-1/4 a bushel, having closed down 0.7 percent on Monday.

* USDA says 64 percent of the U.S. winter wheat crop is in good-to-excellent condition, ahead of market forecasts.

* USDA says 15 percent of the U.S. corn crop has been planted, slightly ahead of market expectations.

* USDA pegs U.S. soybean planting at 3 percent, slightly behind market forecasts.

* More rain is expected across the Midwest in the coming days, which could lengthen river flooding woes and is threatening to prolong spring planting delays.

* Brazil's 2018/19 soybean crop is poised to be the second-largest on record, a Reuters poll showed.

MARKET NEWS

* The dollar was all but flatlining in Asia on Tuesday as investors awaited readings on Chinese manufacturing and the European economy to gauge the pulse of the global economy.

* Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran, but analysts said markets remained tight.

* The S&P 500 set an intraday record high on Monday, bolstering the view that the decade-long bull market has further to run, after consumer spending rose in March and inflation data was benign.

DATA/EVENTS (GMT)

0100 China NBS Manufacturing PMI April0530 France GDP Preliminary QQ Q10645 France CPI (EU Norm) Prelim YY April0755 Germany Unemployment Chg SA April0755 Germany Unemployment Rate SA April0900 EU GDP Flash Prelim YY QQ Q10900 EU Unemployment Rate March1200 Germany CPI Prelim YY April1200 Germany HICP Prelim YY April1400 US Consumer Confidence April

U.S. Federal Reserve's Federal Open Market Committee to commence its two-day meeting on interest rates

Grains prices at 0056 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 433.50 -1.75 -0.40% -25.23% 548.20 21CBOT corn 361.50 -0.25 -0.07% +0.07% 371.41 39CBOT soy 862.25 1.50 +0.17% -3.42% 877.98 19CBOT rice 10.63 $0.00 +0.00% +1.58% $11.42 46WTI crude 63.44 -$0.06 -0.09% +0.22% $62.54 43

Currencies

Euro/dlr $1.118 $0.000 -0.01% +0.32%USD/AUD 0.7058 0.000 +0.04% +0.27%

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

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)