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GRAINS-Corn falls nearly 2% on USDA condition report

SYDNEY, Sept 1 (Reuters) - U.S. corn futures fell nearly 2% to hit a one-week low on Tuesday after the U.S. Department of Agriculture said the condition of crops was better than expected, tapering fears over North American production.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 1.8% at $3.51-1/4 a bushel by 0108 GMT, near the session low of $3.51 a bushel - the lowest since Aug 25. Corn closed down 0.4% on Monday.

* The most active soybean futures fell 1% to $9.43-1/4 a bushel, the first daily fall in seven sessions.

* The most active wheat futures were down 0.6% at $5.49 a bushel, having closed up 0.6% on Monday.

* The USDA rated 62% of the corn crop in good-to-excellent condition in its weekly crop progress report, down 2 percentage points from the previous week, but just above an average of expectations in a Reuters survey of 11 analysts.

* Soybean ratings declined to 66% good-to-excellent, down 3 points from a week earlier and in line with trade expectations.

MARKET NEWS

* The dollar languished near multi-year lows against most major currencies on Tuesday as the Federal Reserve’s new policy framework continued to fuel bets that U.S. rates will stay lower for longer than other countries.

* Oil prices rose in early trade on Tuesday, reversing overnight losses, as investors shifted to risk assets and out of the safe-haven U.S. dollar, which slid to a more than two-year low.

* Asian stocks were set to weaken on Tuesday following a softer Wall Street close, while the dollar slipped as markets digested new Federal Reserve comments that suggested rates will stay low for an extended period.

Reporting by Colin Packham; Editing by Amy Caren Daniel

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