(Updates prices, adds quote, changes dateline) * USDA says 72% of corn and soybeans in good-to-excellent shape * USDA confirms more U.S. exports * Production prospects in Russia rise By Colin Packham and Sybille de La Hamaide SYDNEY/PARIS, July 28 (Reuters) - U.S. soybean futures fell as much as 1.5% on Tuesday to hit a 12-day low after the U.S. Department of Agriculture said the condition of crops were well ahead of market estimates, reinforcing expectations for a sizable U.S. harvest. Corn fell over 1% as favourable U.S. weather conditions were seen boosting prospects for the crop and wheat edged lower, also pressured by hefty global supplies. The most active soybean futures on the Chicago Board Of Trade were down 1.4% at $8.86-3/4 a bushel by 1030 GMT, having earlier hit $8.85-1/4 a bushel - the lowest since July 16. The USDA crop condition report was driving losses, traders said. "The USDA report caught the market off-guard. The report shows that concerns about U.S. crops are overdone," said a Melbourne-based grains trader, who requested anonymity as he is not authorised to speak with the media. The USDA on Monday rated 72% of both corn and soybeans as good-to-excellent condition, better than the average of estimates in a Reuters survey of 10 analysts that had the crops holding steady at 69% in the past week. However, continued strong demand for U.S. exports limited losses. "The soybean price is also down in the wake of the crop progress report, though its fall has been slowed by positive demand data," Commerzbank said in a note. The USDA on Monday confirmed U.S. soybean export sales to China, along with shipments to Mexico. It was the 10th straight day that the USDA announced soybean sales to either China or unknown destinations, often believed to be China. The most active corn futures were down 1.1% at $3.30-3/4 a bushel while wheat slipped 0.1% to $5.27 a bushel, after closing 2.2% lower on Monday. Moscow-based consultancy IKAR raised its Russian wheat crop forecast on Monday due to high yields in some regions. Prices at 1025 GMT Last Change Pct End Ytd Move 2019 Pct Move CBOT wheat 527.00 -0.75 -0.14 558.75 -5.68 CBOT corn 330.75 -3.75 -1.12 387.75 -14.70 CBOT soy 887.00 -12.75 -1.42 955.50 -7.17 Paris wheat Sept 182.00 -0.75 -0.41 185.75 -2.02 Paris maize Jun 174.00 1.50 0.87 168.50 3.26 Paris rape Aug 385.00 2.75 0.72 387.25 -0.58 WTI crude oil 41.30 -0.30 -0.72 61.06 -32.36 Euro/dlr 1.17 0.00 -0.21 1.1210 4.60 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Editing by Sherry Jacob-Phillips and Emelia Sithole-Matarise)
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