SYDNEY, July 16 (Reuters) - U.S. corn futures fell 1% on Tuesday after the U.S. Division of Agriculture mentioned the situation of North American crops was higher than anticipated, easing fears that manufacturing will fall in need of official forecasts. FUNDAMENTALS * Probably the most energetic corn futures on the Chicago Board Of Commerce had been down 0.9% at $4.43 a bushel by 0043 GMT, having closed down 2.7% within the earlier session. Costs hit a five-year excessive of $4.64-3/Four a bushel on Monday on considerations about scorching, dry climate, however turned decrease on forecasts for rain. * Probably the most energetic soybean futures had been down 0.6% at $9.14-1/2 a bushel, having closed down 1.2% on Tuesday. * Probably the most energetic wheat futures had been down 0.6% at $5.04-1/2 a bushel, having closed down 2.9% on Monday. * The USDA mentioned in a weekly report that 58% of the corn crop is good-to-excellent, forward of market expectations of 56%. * It mentioned 76% of the U.S. wheat crop is in good-to-excellent situation, down 2 share factors and behind market expectations. * The USDA report mentioned 54% of the U.S. soybean crops are in good-to-excellent situation, barely forward of market forecasts. MARKET NEWS * The greenback edged larger on Monday in skinny summer time buying and selling, with its potential upside restricted by expectations the Federal Reserve will reduce rates of interest at subsequent week's coverage assembly. * Oil costs sank about 1% on Monday on indicators that the impression of a tropical storm on U.S. Gulf Coast manufacturing and refining could be short-lived, whereas Chinese language financial knowledge dimmed the crude demand outlook. * The benchmark S&P 500 index ended little modified on Monday after oscillating between constructive and detrimental territory all through the session after Citigroup Inc kicked off the earnings season with a blended quarterly report. Grains costs at 0043 GMT Contract Final Change Pct chg Two-day chg MA 30 RSI CBOT wheat 504.50 -3.25 -0.64% -3.54% 522.31 39 CBOT corn 443.00 -4.00 -0.89% -3.54% 442.57 50 CBOT soy 914.50 -5.50 -0.60% -1.83% 911.48 54 CBOT rice 11.84 -$0.04 -0.38% -0.55% $11.77 73 WTI crude 59.45 -$0.13 -0.22% -1.26% $56.21 60 Currencies Euro/dlr $1.126 $0.000 +0.04% -0.07% USD/AUD 0.7041 0.000 +0.03% +0.34% Most energetic contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; enhancing by Richard Pullin)
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