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GRAINS-Corn prices fall amid better-than-expected U.S. crop condition ratings

SYDNEY, June 11 (Reuters) - U.S. corn futures fell on Tuesday after the U.S. Department of Agriculture pegged the condition of crops in the country above market forecasts, though ongoing planting delays kept losses in check.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were down 0.5 percent at $4.13-1/2 a bushel by 0104 GMT, having closed the previous session unchanged.

* The most active soybean futures were down 0.4 percent at $8.55 a bushel, having firmed 0.3 percent on Monday.

* The most active wheat futures were down 0.8 percent at $5.03-1/4 a bushel.

* The USDA in its weekly crop report said corn planting was 83% complete, up from 67% a week ago and matching analyst expectations.

* The agency rated 59% of the crop as good-to-excellent, ahead of market expectations.

* Soybeans, which are usually planted later than corn, were 60% planted, slightly ahead of market forecasts. That was up from 39% a week earlier and below the average for 88%.

* The USDA on Tuesday is expected to trim its estimates for corn and soybean yields in its monthly supply and demand report. However, some traders said the cuts will likely be too small to reflect the full impact of late planting.

* The USDA said 81% of the spring wheat crop is in good-to-excellent condition, slightly below market forecasts.

MARKET NEWS

* The dollar gained on Monday after the United States and Mexico reached a deal to avoid tariffs, while the euro faltered after sources said European Central Bank policymakers were open to cutting interest rates should economic growth slow.

* Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.

* U.S. stocks extended their recent climb on Monday, with the Dow reaching its longest daily winning streak in 13 months.

DATA/EVENTS (GMT)

0830 UK Claimant Count Unem Chng May

Grains prices at 0104 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 503.25 -4.25 -0.84% -0.25% 470.94 55CBOT corn 413.50 -2.25 -0.54% -0.54% 391.10 51CBOT soy 855.00 -3.50 -0.41% -0.15% 844.33 46CBOT rice 11.72 -$0.05 -0.47% -0.09% $11.25 66WTI crude 53.59 $0.33 +0.62% -0.74% $59.16 35

Currencies

Euro/dlr $1.131 $0.000 +0.02% -0.15%USD/AUD 0.6956 -0.001 -0.07% -0.60%

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

(Reporting by Colin Packham; Editing by Joseph Radford)