CANBERRA, June 15 (Reuters) - U.S. corn futures edged higher on Tuesday, rebounding from a near two-week low touched in the previous session, after the U.S. Department of Agriculture pegged the condition of crop below market expectations.
FUNDAMENTALS
* The most-active corn futures on the Chicago Board Of Trade were up 0.2% at $6.61-1/4 a bushel, as of 0134 GMT, having closed down 3.7% in the previous session, when prices hit a June 3 low of $6.53 a bushel.
* The most-active soybean futures were up 0.2% at $14.75 a bushel, having closed down 2.4% on Monday, when prices hit an April 21 low of $14.55 a bushel.
* The most-active wheat futures were down 0.8% to $6.69-3/4 a bushel, having closed down 0.9% on Monday.
* The USDA rated 68% of the U.S. corn crop as good to excellent, down 4 percentage points from the previous week.
* The USDA rated 62% of the soy crop as good to excellent, down 5 percentage points.
* Analysts on average had expected a ratings decline of only 3 points for corn and 2 points for soybeans.
* The weather outlook for the U.S. Midwest sees cooler temperatures and rains late this week, aiding crops.
* The U.S. winter wheat harvest is off to a slow start. The USDA said 4% of the crop had been cut by Sunday, behind the average analyst estimate of 10%.
MARKET NEWS
* The dollar hovered below a one-month high compared with major peers on Tuesday ahead of a much-anticipated Federal Reserve meeting that could signal a change in the outlook for U.S. monetary policy.
* Oil prices ended mostly unchanged on Monday, after hitting their highest levels in more than two years, as growing U.S. crude production and Britain's delayed COVID-19 reopening dampened expectations for fuel demand growth and tighter supplies.
* Global stock markets were mixed while U.S. Treasury yields ticked up on Monday, as investors waited for the results of a Federal Reserve policy meeting before making any major new bets.
(Reporting by Colin Packham; Editing by Subhranshu Sahu)
