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GRAINS-Wheat prices retreat, but losses checked as market awaits frost assessment

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SYDNEY, May 8 (Reuters) - U.S. wheat fell 0.5 percent on Monday as ample global supplies weighed on prices, though lingering concerns about potential yield losses due to recent frosty conditions curbed declines.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade fell 0.5 percent to $4.40 a bushel, having closed up 1 percent on Friday.

* The most active soybeans futures were little changed at $9.72-1/2 a bushel, after ending down 0.1 percent on Friday.

* The most active corn futures fell 0.2 percent to $3.70 a bushel, having gained 1.2 percent in the previous session.

* Wheat fields in Kansas, the top U.S. producer of the grain, are expected to be above average as crops have benefited from good soil moisture, scouts on the annual Wheat Quality Council crop tour said on Thursday.

* The impact of frost across key U.S. producing regions still to be assessed.

* Soybean prices were underpinned by concerns recent heavy rains in some parts of the U.S. Midwest may have damaged recently planted crops.

MARKET NEWS

* The euro edged away from highs hit early in the Asian session on Monday as investors took profits from its gains after centrist Emmanuel Macron's victory over the far-right Marine Le Pen in France's presidential election.

* Oil prices rose on Monday on a growing conviction that an OPEC-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in U.S. drilling activity is seen capping gains.

Grains prices at 0045 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 440.00 -2.25 -0.51% +0.51% 439.58 52 CBOT corn 370.00 -0.75 -0.20% +0.95% 369.27 47 CBOT soy 972.50 -0.50 -0.05% -0.18% 963.23 60 CBOT rice 9.86 -$0.01 -0.05% -0.50% $10.10 55 WTI crude 46.90 $0.68 +1.47% +3.03% $50.03 37

Currencies

Euro/dlr $1.097 -$0.002 -0.22% -0.12% USD/AUD 0.7405 -0.001 -0.18% -0.03%

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

(Reporting by Colin Packham; Editing by Joseph Radford)