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GRAINS-Corn prices fall from 1-yr high, hot weather fears curb losses

SYDNEY, July 12 (Reuters) - U.S. corn prices on Wednesday retreated from a one-year high touched in the previous session, though losses were checked by concerns about unfavourable weather across a key U.S. producing region.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade fell 0.6 percent to $4.11-3/4 a bushel. They closed down 0.1 percent in the previous session, after touching their highest since June 2016 at $4.17-1/4 a bushel.

* The most active soybean futures declined 0.2 percent to $10.41-1/2 a bushel. They firmed 0.4 percent on Tuesday, when they marked their strongest since March 6 at $10.47 a bushel.

* The most active wheat futures dropped 0.5 percent to $5.50-3/4 a bushel, having closed down 0.2 percent on Tuesday.

* The U.S. Department of Agriculture late on Monday rated 62 percent of the U.S. soybean crop in good-to-excellent condition, down from 64 percent the previous week and below an average of analyst expectations.

* Corn and soybeans were pressured as unexpected rains crossed parts of Iowa and Illinois, the top U.S. corn states, early Tuesday. The showers brought welcome moisture at a time when corn has begun pollinating, the key phase for determining yields.

* The rains, however, only bought limited relief and forecasts for continued hot, dry weather continued to support prices.

MARKET NEWS

* The dollar fell to a more than one-week low against a basket of major currencies on Tuesday, after U.S. President Donald Trump's eldest son released an email chain citing Russian support for his father before last year's U.S. election.

* Oil prices climbed more than 2.5 percent on Tuesday along with rising heating oil futures on reports showing cuts in U.S. oil production and declines in U.S. crude and European product stockpiles.

* U.S. stocks ended little changed on Tuesday in a session marked by knee-jerk reactions to events in Washington that drove investors to first worry then hope about prospects for the Trump administration's economic agenda.

DATA AHEAD (GMT)

China Foreign direct investment June China M2 money supply June China New yuan loans June 0830 U.K. Jobless rate (ILO) May 0900 Euro zone Industry output May 1100 U.S. Home mortgage applications weekly

Grains prices at 0056 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 550.75 -2.25 -0.41% +0.14% 487.00 74 CBOT corn 411.75 -2.50 -0.60% -0.72% 397.96 71 CBOT soy 1041.50 -1.75 -0.17% +0.22% 952.89 91 CBOT rice 12.07 $0.00 +0.00% +0.37% $11.67 78 WTI crude 45.69 $0.65 +1.44% +2.91% $45.32 57

Currencies

Euro/dlr $1.148 $0.001 +0.10% +0.68% USD/AUD 0.7647 0.001 +0.17% +0.55%

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)