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GRAINS-Wheat prices firm on worries dry weather could hit U.S. crops

SYDNEY, June 28 (Reuters) - U.S. wheat prices edged up on Wednesday on concerns that dry weather in U.S. growing regions could damage crops.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade rose 0.3 percent to $4.70-1/4 a bushel, having closed up 0.75 percent on Tuesday.

* The most active soybean futures climbed 0.2 percent to $9.13-1/4 a bushel, after firming 1.2 percent the day before.

* The most active corn futures were steady at $3.59-1/4 a bushel, having closed little changed in the previous session.

* In its weekly U.S. crop conditions report, the U.S. Department of Agriculture rated 40 percent of the spring wheat crop in good-to-excellent condition, down from 41 percent a week earlier and below market expectations of 41 percent.

* Continued dry weather is forecast across key U.S. growing regions, threatening further downgrades.

* The USDA rated 67 percent of the U.S. corn crop in good-to-excellent condition, unchanged from last week but below analyst expectations of 68 percent.

* Traders were positioning ahead of the USDA's June 30 U.S. sowing acreage and quarterly stocks reports, which have a history of jolting markets. Analysts expected the government to slightly raise its estimate of U.S. 2017 corn plantings and trim is soybean plantings figure.

MARKET NEWS

* The dollar slid to 10-month lows against the euro on Tuesday after the head of the European Central Bank opened the door to steps that might begin to reduce the ECB's stimulus and after a vote on U.S. healthcare legislation was delayed.

* Oil prices fell early on Wednesday after a report of rising U.S. fuel inventories underscored concerns that a three-year old crude glut is far from over.

* The tech-heavy Nasdaq led a broad Wall Street decline on Tuesday.

DATA/EVENT AHEAD (GMT)

0600 Germany Import prices May 0600 Britain Nationwide house prices Jun 0645 France Consumer confidence Jun 0800 Euro zone Money supply May 1230 U.S. Advance goods trade balance May 1400 U.S. Pending homes sales May

1430 European Central Bank President Mario Draghi participates in policy panel at ECB Forum in Portugal

Grains prices at 0127 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 470.25 1.25 +0.27% +1.02% 458.83 50 CBOT corn 359.25 0.00 +0.00% +0.07% 372.36 29 CBOT soy 913.25 2.00 +0.22% +0.72% 930.13 37 CBOT rice 11.26 -$0.04 -0.31% +0.67% $11.15 51 WTI crude 43.93 -$0.31 -0.70% +1.27% $46.72 44

Currencies

Euro/dlr $1.134 $0.000 +0.01% +1.42% USD/AUD 0.7599 0.002 +0.22% +0.22%

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)