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GRAINS-Wheat falls to three-week low as ample supplies offset weather fears

* Wheat falls for seventh straight session

* Corn falls despite dry weather fears

* Soybeans fall for first time in three sessions

SYDNEY, July 20 (Reuters) - U.S. wheat fell more than 1 percent on Thursday to hit a three-week low, weighed down by ample global supplies despite lingering fears for high quality crops. Corn edged lower, falling despite ongoing fears of further crop damage from unfavorable weather, while soybeans fell for the first time in three sessions. The most active wheat futures on the Chicago Board Of Trade were down 1.2 percent at $4.96-3/4 a bushel by 0326, near the session low of $4.95 a bushel - the lowest since June 29. Wheat closed down 0.1 percent on Wednesday. "The USDA report last week has reminded everyone that there is a lot of wheat in the world," said Angus Thornton, commodity analyst, Profarmer. Wheat is on track to fall for a seventh straight session after rising sharply several weeks ago on weather fears, which could reduce global supplies of high quality wheat. The most active corn futures eased 0.3 percent to $3.95 a bushel, having gained 1.4 percent in the previous session. The most active soybean futures dipped 0.3 percent to $10.09-1/4 a bushel, having firmed 1.1 percent on Wednesday. The decline in corn comes despite lingering fears for U.S. crops from forecasts for continued dry weather across key growing regions. The recent dry weather has already dented the quality of crops. Corn crop condition ratings declined earlier this week in top-producing states of Iowa, Illinois and Nebraska, and extended outlooks for limited rainfall were seen as threatening to corn plants during their yield-setting pollination phase. The U.S. Department of Agriculture on Thursday will release weekly U.S. grain and soy export sales that will show whether global importers bought U.S. supplies during a volatile week of futures trading last week. Analysts said the data will help determine the trend for the rest of the session.

Grains prices at 0326 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 496.75 -6.25 -1.24% -1.39% 497.92 44 CBOT corn 395.00 -1.25 -0.32% +1.09% 396.05 55 CBOT soy 1009.25 -3.25 -0.32% +0.75% 966.93 59 CBOT rice 11.78 -$0.09 -0.76% -0.76% $11.74 57 WTI crude 47.07 -$0.05 -0.11% +1.44% $45.10 64

Currencies

Euro/dlr $1.152 $0.000 +0.03% -0.29% USD/AUD 0.7937 -0.001 -0.15% +0.28%

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

(Reporting by Colin Packham; Editing by Richard Pullin)