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GRAINS-Chicago corn prices fall near 3-mth low on U.S. crop outlook

Naveen Thukral

* Chicago corn futures down 2% to weakest since mid-May

* Higher U.S. crop forecast drags down market

SINGAPORE, Aug 13 (Reuters) - Chicago corn futures lost more ground on Tuesday, dropping to their lowest in nearly three months after a U.S. government forecast for higher-than-expected crop volumes. Soybeans and wheat also slid in early Asian trade. The most-active corn contract on the Chicago Board of Trade had given up 2% to $3.85 a bushel by 0011 GMT, the weakest since May 17. Soybeans fell 0.1% to $8.78-1/4 a bushel, while wheat declined 0.4% to $4.70 a bushel. The U.S. corn harvest will be bigger than previously forecast, the U.S. Department of Agriculture said on Monday, as the government issued a surprise boost to its outlook despite concerns about a wet spring and dry summer. For the 2019/20 crop year, the corn harvest will total 13.901 billion bushels, based on an average yield of 169.5 bushels per acre, the USDA predicted in its monthly supply and demand report. Wheat markets are also facing good world supplies and heavy export competition. Wheat harvesting in Europe is generally progressing well, with work in France almost finished. European Union soft wheat exports in the 2019/20 season that started on July 1 had reached 1.33 million tonnes by Aug. 11, down 30% compared with a year earlier, European Commission data showed on Monday. The USDA lowered its soybean crop estimate to 3.680 billion bushels from 3.845 billion bushels previously. China's agriculture ministry on Monday said it had revised down its estimate for 2018/19 soybean imports to 83.5 million tonnes, down 1.5 million tonnes from last month's estimate, due to lower-than-expected shipments in July. The ministry also upgraded its estimate for 2018/19 corn imports to 4 million tonnes, an increase of 700,000 tonnes from the previous month. The revised estimate for corn imports was mainly due to a significant reduction in U.S. sorghum imports, it said.

Grains prices at 0011 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 470.00 -1.75 -0.37% -5.72% 499.36 33CBOT corn 385.00 -7.75 -1.97% -7.95% 427.44 22CBOT soy 878.25 -1.00 -0.11% -0.54% 896.93 45CBOT rice 11.57 -$0.01 -0.04% +1.85% $11.77 48WTI crude 54.87 -$0.06 -0.11% +4.43% $56.57

Currencies

Euro/dlr $1.121 $0.002 +0.13% +0.31%USD/AUD 0.6754 -0.003 -0.49% -0.68%

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

(Reporting by Naveen Thukral; Editing by Joseph Radford)