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GRAINS-Wheat ticks up after deep losses, easing U.S. crop concerns cap gains

* Wheat up 0.1 pct after declining 3.6 pct on Thursday Easing U.S. crop concerns, large global inventories limit gains

(Adds details, quotes) SINGAPORE, May 5 (Reuters) - Chicago wheat futures edged higher on Friday as the market took a breather following last session's deep losses, which were triggered by a crop tour forecasting above-average yields despite last weekend's snowstorm. Corn rose around half a percent while soybeans ticked up after closing marginally lower with the focus on planting weather in the U.S. Midwest, which is expected to be favourable for crops. The Chicago Board of Trade most-active wheat contract was up 0.1 percent at $4.38 a bushel by 0301 GMT after dropping 3.6 percent in the previous session. Corn added 0.5 percent to $3.68-1/4 a bushel and soybeans gained 0.1 percent to $9.75-1/4 a bushel. "The amount of snow that fell in the U.S. grain belt took the market a while to digest how much wheat is going to be lost but the reality is that the global supply outlook is unchanged," said Phin Ziebell, agribusiness economist, National Australia Bank. "In this environment how do you sustain a rally. There might be some downside to production in the U.S. but you have huge inventories and crops are looking good everywhere else." For the week, wheat is up 1.3 percent, a second week of gains while soybeans have added almost 2 percent, the biggest weekly gain since Feb. 10. Corn is up for a second week. Wheat has come under heavy pressure in recent days as fears of production losses after recent cold weather across key growing regions eased. Wheat yield potential in Kansas was estimated at 46.1 bushels per acre (bpa), crop scouts on the annual Wheat Quality Council crop tour said on Thursday. That tops the tour's five-year average for the state. Concerns linger that recent wet weather in the United States may have washed away recently planted corn and soybeans crops. But forecasts for drier weather in key growing areas of the U.S. Midwest are likely to result in a pick up in the pace of planting. Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Thursday, traders said. They were net buyers of soybeans and soymeal.

Grains prices at 0301 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 438.00 0.25 +0.06% -3.52% 439.48 52 CBOT corn 368.25 1.75 +0.48% -1.73% 368.93 45 CBOT soy 975.25 1.00 +0.10% +0.00% 963.77 63 CBOT rice 9.90 $0.00 -0.05% -0.10% $10.10 57 WTI crude 45.37 -$0.15 -0.33% -5.12% $50.03 17

Currencies

Euro/dlr $1.098 $0.000 -0.04% +0.90% USD/AUD 0.7394 -0.001 -0.18% -0.36%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)