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U.S. winter wheat crop rating at lowest since 1989 - USDA

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Drier, warmer weather seen boosting U.S. corn planting

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Prime day for profit taking, analysts say

(Updates prices, adds quotes, changes byline, headline and bullet; changes dateline, previous PARIS/SINGAPORE)

MEXICO CITY, April 4 (Reuters) - Chicago corn and soy futures fell on Tuesday as traders took profits, analysts said, while wheat futures remained nearly flat amid concerns about drought damage to this year's U.S. harvest.

Cold and damp weather in the northern U.S. Plains that could hamper spring wheat planting was supporting wheat prices, analysts said. A U.S. government report on Monday showed the effects of drought stress on wheat in southern U.S. Plains states.

Corn eased as forecasts for dry weather in key parts of the U.S. Midwest boosted planting prospects.

"We've been on a pretty good ride," said Jack Scoville, market analyst at The Price Futures Group. "With the lack of any bullish news here, the market seems content to take some profits."

Corn and soybeans consolidated below multi-week highs struck on Monday when a surge in crude oil prices and doubts about planting conditions boosted the crop markets.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.25% at $6.95-1/4 a bushel by 1006 CDT (1506 GMT).

The U.S. Department of Agriculture (USDA) in its first weekly crop progress report of the 2023 growing season rated 28% of U.S. winter wheat in "good-to-excellent" condition, the lowest score for the time of year in records dating to 1989.

Analysts surveyed by Reuters on average had expected the government to rate 31% of the crop as good-to-excellent.

"This confirms that the winter weather has been severe along with another water deficit," consultancy Agritel said in a note.

Wheat markets are also being underpinned by uncertainty over Black Sea export supplies.

CBOT corn dipped 0.95% to $6.51-1/2 a bushel and soybeans ticked down 0.41% to $15.15-3/4 a bushel.

Corn planting was 2% complete, in line with last year, USDA's crop report showed on Monday. (Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Subhranshu Sahu, Shweta Agarwal and Jonathan Oatis)