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GRAINS-Corn eases from 5-week top on expectations of higher U.S. production

* Crop tour sees sharply higher corn yields in Ohio

* U.S. soybean crushings increased to 4-month high in July (Recasts with move in corn prices, adds details on crop tour, quote in paragraph 3)

SINGAPORE, Aug 18 (Reuters) - Chicago corn futures lost ground on Tuesday, giving up some of the gains from the last session after a crop tour predicted higher yields in parts of the U.S. Midwest.

Soybeans edged lower, though prices lingered near a seven-month high as concerns over dry weather supported prices.

“The rally in corn prices was largely fund driven,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. “So far, there are no signs that there will be any shortage of corn in the world.”

The most-active corn contract on the Chicago Board of Trade was down 0.3% at $3.43-1/2 a bushel, as of 0258 GMT, after jumping 2% on Monday when prices hit a July 10 high of $3.45 a bushel.

Soybeans lost 0.2% to $9.13-1/4 a bushel after reaching their highest since Jan 22 on Monday and wheat gave up 0.4% at $5.24-1/4 a bushel, having closed up 3.3% in the last session.

Corn yields in Ohio were projected sharply higher than a year ago at 167.69 bushels per acre, the Pro Farmer Midwest Crop Tour said on Monday.

That figure is up sharply from the 2019 crop tour average of 154.35 bpa and up from the three-year crop tour average of 166.18 bpa.

Corn prices climbed in the last few sessions, underpinning damage caused by a strong storm in parts of the U.S. Midwest.

The U.S. Department of Agriculture on Monday said 69% of the U.S. corn crop is in good-to-excellent condition in its weekly crop progress report, down two percentage points from a week ago but just above an average of trade expectations.

Soybean ratings were at 72% good to excellent, down 2 points from the previous week and in line with trade expectations.

U.S. soybean crushings increased to a four-month high in July, according to National Oilseed Processors Association (NOPA) data released on Monday.

NOPA said its members, which handle about 95% of all soybeans crushed in the United States, processed 172.794 million bushels of soybeans last month, up from 167.263 million bushels in June and up from the 168.093 million bushels crushed in July 2019.

Commodity funds were net buyers of CBOT corn, soybeans, wheat, soymeal and soyoil futures contracts on Monday, traders said. (Reporting by Naveen Thukral; Editing by Shailesh Kuber)

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