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GRAINS-Wheat prices edges up on fears of crop shortfalls

SYDNEY, June 14 (Reuters) - U.S. wheat futures ticked higher on Wednesday, supported by continued concern over potential production losses following recent adverse weather.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade rose 0.1 percent to $4.45-1/2 a bushel, having closed up 2.5 percent on Tuesday.

* The most active soybean futures climbed 0.1 percent to $9.33-1/2 a bushel, after firming 0.1 percent on Tuesday.

* The most active corn futures rose 0.2 percent to $3.81-3/4 a bushel, having gained 1 percent in the previous session.

* The U.S. Department of Agriculture assessed the spring wheat crop at 45 percent good-to-excellent as of June 4, down 10 percentage points from a week earlier. Analysts had been expecting a good-to-excellent rating of 53 percent.

* U.S. soybeans were rated by the USDA at 66 percent good-to-excellent, compared with forecasts for 69 percent. U.S. corn was at 67 percent good-to-excellent, matching analyst forecasts.

MARKET NEWS

* The dollar drifted in recent ranges in the calm before a forecast Federal Reserve storm, as investors awaited signals later in the global session on the Fed's policy outlook.

* Oil prices settled higher on Tuesday after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $50 a barrel despite the modest recovery.

* Wall Street gained on Tuesday, with the S&P 500, Dow industrials and Russell 2000 setting record closing highs, as technology stocks bounced back and investors positioned for an expected Federal Reserve interest rate hike.

DATA AHEAD (GMT)

1230 U.S. Durable goods Apr 1230 U.S. GDP 2nd estimate Q1 1400 U.S. Univ of Michigan sentiment index final May

Grains prices at 0018 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 445.50 0.50 +0.11% +2.65% 434.76 60 CBOT corn 381.75 0.75 +0.20% +1.19% 373.13 58 CBOT soy 933.50 1.00 +0.11% +0.24% 947.00 49 CBOT rice 11.25 -$0.01 -0.04% -0.44% $10.79 66 WTI crude 45.95 -$0.51 -1.10% -0.28% $47.96 36

Currencies

Euro/dlr $1.121 -$0.001 -0.06% +0.06% USD/AUD 0.7535 0.000 +0.00% -0.05%

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)