Corn falls for fifth session on USDA crop report

SYDNEY, July 30 (Reuters) - U.S. corn futures fell for a fifth straight session on Tuesday as the U.S. Department of Agriculture eased market nerves about potential crop losses by pegging the condition of North American crops above market forecasts. FUNDAMENTALS * The most active corn futures were down 0.3% at $4.25-3/4 a bushel by 0048 GMT, having closed down 1.8% in the previous session when prices hit a low of $4.12 a bushel - the lowest since June 11. * The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $9.05 a bushel, having firmed 0.4% on Monday. * The most active wheat futures were down 0.3% at $5.02 a bushel, having closed up 1.5% on Wednesday. * The USDA on Monday released a weekly crop progress report that raised the good to excellent rating for corn by 1 percentage point to 58%. Analysts had expected it to stay unchanged. * The rating for spring wheat declined 3 percentage points to 73%, below analyst expectations for an unchanged rating. * Soybeans were unchanged, at 54% good to excellent condition, on par with analysts' estimates. * SovEcon, one of Russia's leading agriculture consultancies, said on Friday it had lowered its forecast for Russia's grain exports in the 2019/20 marketing season, which started on July 1, by 7 million tonnes to 41.9 million tonnes. MARKET NEWS * The yen held near a three-week low on Tuesday as pared expectations for aggressive Federal Reserve cuts supported the dollar and ahead of a Bank of Japan meeting, which is seen as a key test for policymakers amid a global monetary easing cycle. * Oil prices extended overnight gains on Tuesday amid widespread expectations the U.S. Federal Reserve will cut interest rates for the first time in more than a decade this week. * U.S. stocks on Monday stepped back from last week's record highs as investors took a breather ahead of an expected interest rate cut by the Federal Reserve and looked for signs of progress from U.S.-China trade negotiations underway in Shanghai. Grains prices at 0048 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 502.00 -1.50 -0.30% +1.21% 514.14 49 CBOT corn 425.75 -1.25 -0.29% +0.29% 439.88 34 CBOT soy 905.00 0.75 +0.08% +0.44% 912.76 46 CBOT rice 12.29 -$0.03 -0.20% +0.74% $11.78 80 WTI crude 57.17 $0.30 +0.53% +1.73% $57.38 54 Currencies Euro/dlr $1.114 $0.000 -0.03% +0.14% USD/AUD 0.6903 0.000 +0.03% -0.07% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; editing by Richard Pullin)

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