SINGAPORE, Aug 26 (Reuters) - Chicago soybeans eased on Tuesday after a weekly U.S. crop report showed improved crop conditions, bolstering expectations of a bumper harvest this autumn, while weak demand from top importer China added further pressure.
Corn and wheat prices also fell amid plentiful global supplies.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.4% to $10.43-3/4 a bushel as of 0007 GMT. The contract also dropped in the last session after hitting two-month highs on Friday.
* Corn Cv1 lost 0.3% to $4.11 a bushel and wheat Wv1 shed 0.3% to $5.28-1/4 a bushel.
* The U.S. Department of Agriculture (USDA) raised its good-to-excellent rating for the nation's soybean crop and kept its corn crop rating steady in a weekly report on Monday, surprising analysts who had expected slight declines.
* The agency rated 71% of the corn crop as being in good or excellent shape as of August 24, unchanged from a week earlier. It increased the soybean crop rating to 69% good to excellent, up from 68% the previous week.
* Expectations of higher U.S. output comes as China continues to remain away from the market amid Washington-Beijing trade tensions.
* On Sunday, China's ambassador to the U.S. said U.S. protectionism was undermining agricultural cooperation with China and warned that farmers should not bear the price of the trade war between the world's two largest economies.
* Commodity funds were net sellers of CBOT soybean, corn, soymeal and soyoil futures contracts and net buyers of wheat on Monday, traders said. COMFUND/CBT
MARKET NEWS
* Major stock indexes eased on Monday after gaining on Friday when U.S. Federal Reserve Chair Jerome Powell indicated that a September interest rate cut was likely but not certain, while the dollar gained. MKTS/GLOB
DATA/EVENTS (GMT)
1230 US Durable Goods July
1400 US Consumer Confidence August