GRAINS-Corn futures steady as strong US harvest outlook caps gains

CANBERRA, July 15 (Reuters) - Chicago corn futures held steady on Tuesday, as expectations of a bumper U.S. production limited bargain-buying and short-covering that had driven prices from contract lows in the previous session.

Soybean and wheat futures were also subdued.

FUNDAMENTALS

* The most active corn contract on the Chicago Board of Trade (CBOT) Cv1 was flat at $4.18 a bushel, as of 0139 GMT. The December delivery contract hit a low of $4.07-1/2 on Monday.

* CBOT soybeans Sv1 edged 0.1% down at $10.06-1/4 a bushel after touching $9.98-1/4 on Monday, their lowest point since April 9.

* Wheat Wv1 held its ground at $5.42 a bushel.

* Crop-friendly U.S. weather conditions have hung over the corn and soy markets in recent weeks.

* The U.S. Department of Agriculture (USDA) said on Monday that 74% of the U.S. corn crop and 70% of the nation's soybean crop were in good-or-excellent condition - the highest July ratings since 2016.

* That said, any indication of less-than-perfect progress for the corn crop could trigger short covering by speculators who have built up large short positions, StoneX analyst Arlan Suderman wrote in a note.

* China, the world's biggest soybean buyer, imported record volumes of soy for the month of June, a Reuters calculation of customs data showed, driven by a surge in shipments from top supplier Brazil.

* The National Oilseed Processors Association is expected to say the U.S. soybean crush dropped in June to a four-month low, analysts said. It would still be the largest June crush on record due to expanded U.S. soy processing capacity.

* Russian wheat export prices rose last week amid the slow arrival of the new crop and low yields in the southern part of the country, while export shipments accelerated slightly, analysts said.

MARKETS NEWS

* MSCI's global equity index edged up on Monday and longer U.S. Treasury yields nudged higher as the latest U.S. tariff threats kept investors on edge while they waited for inflation readings and the start of earnings season later in the week.