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GRAINS-Corn edges lower, fears of adverse weather checks losses

* Traders digest updated weather forecasts

* Wheat falls to three-week low

* Soybeans edge lower

SYDNEY, July 19 (Reuters) - U.S. corn edged lower on Wednesday, though losses were checked by fears that dry weather across a key producing region could stoke further production losses. Wheat fell to a three-week low, while soybeans declined despite fears of the impact of forecast adverse weather. The most active corn futures on the Chicago Board Of Trade were down 0.1 percent to $3.90-1/4 by 0237 GMT after gaining 0.7 percent in the previous session. Despite the drop in corn, analysts said opaque weather forecasts across the U.S. Midwest were not reassuring, raising fears of further damage to crops. "Weather forecasters are having a hard time reconciling different projections into a confident forecast," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The market continues to be beguiled by various weather models as their siren calls sound throughout the day." The U.S. Department of Agriculture (USDA) late on Monday said 40 percent of the U.S. corn crop was going through the silking portion of its pollination phase as of Sunday. Hot temperatures and a lack of moisture could limit the yield potential for corn plants. The most active soybean futures were down 0.1 percent at $10.00-1/2 a bushel, having firmed 0.4 percent on Tuesday. The most active wheat futures were down 0.6 percent to $5.01 a bushel, near the session low of $5.00-1/4 a bushel - the lowest since June 30. Wheat closed down 0.4 percent on Tuesday. Analysts said wheat was under pressure from sluggish international demand despite fears for the condition of U.S. spring wheat supplies. The state grain buyer for top global wheat importer Egypt said it purchased 300,000 tonnes of Russian, Romanian and French wheat, as U.S. supplies were uncompetitive. The USDA on Monday slightly cut the good-to-excellent condition ratings for spring wheat crops versus the previous week, a move that analysts had anticipated.

Grains prices at 0237 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 501.00 -2.75 -0.55% -0.99% 496.63 49 CBOT corn 390.25 -0.50 -0.13% +0.58% 396.27 51 CBOT soy 1000.50 -1.25 -0.12% +0.30% 964.23 56 CBOT rice 11.86 -$0.01 -0.04% +1.58% $11.71 64 WTI crude 46.33 -$0.07 -0.15% +0.67% $45.03 58

Currencies

Euro/dlr $1.154 -$0.001 -0.10% +0.54% USD/AUD 0.7927 0.001 +0.15% +1.65%

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

(Reporting by Colin Packham; Editing by Christian Schmollinger)