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GRAINS-Wheat edges higher, rebounds from near one-month low

SYDNEY, July 26 (Reuters) - U.S. wheat edged higher on Wednesday, rebounding from a near one-month low touched earlier in the session, although gains were checked by easing concerns over tight U.S. supplies.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.2 percent to $4.74-3/4 a bushel at 0050 GMT, having earlier fallen to $4.73 a bushel - the lowest since June 29. Wheat closed down 3 percent on Tuesday.

* The most active soybean futures edged up 0.1 percent to $9.93-3/4 a bushel, having earlier hit a low of $9.90-1/2 a bushel - the lowest since July 14. Soybeans closed 1.7 percent on Tuesday.

* The most active corn futures fell 0.4 percent to $3.80-3/4 a bushel, near the session low of $3.80-1/2 a bushel - the lowest since June 30. Corn closed down 2.2 percent in the previous session.

* Spring wheat prospects are lower than last year in southern North Dakota and neighbouring sections of South Dakota and Minnesota, scouts on an annual crop tour said.

* The U.S. Agriculture Department said on Monday afternoon that 57 percent of the U.S. soybean crop was in good to excellent condition, down from 61 percent last week. Analysts had expected a reading of 60 percent.

* USDA said the corn crop was 62 percent good to excellent as of July 23, 1 percentage point worse than market forecasts.

* Egypt's state grain buyer, the General Authority for Supply Commodities bought 420,000 tonnes of wheat in an international purchase tender on Tuesday.

MARKET NEWS

* The dollar edged up on Tuesday after falling to a 13-month low against a basket of major currencies as investors gained hope U.S. President Donald Trump could push through his expansionary fiscal agenda but remained wary of the short-term U.S. economic outlook.

* Oil rose 3.3 percent on Tuesday to the highest close in more than a month, a day after U.S. oil producer Anadarko said it would cut capital spending plans and Saudi Arabia vowed to reduce crude exports to help curb global oversupply.

* The S&P 500 climbed to an all-time high on Tuesday on a heavy day of corporate results highlighted by well-received reports from McDonald's and Caterpillar and gains for bank shares.

DATA (GMT)

0130 Australia CPI Q2 0500 Singapore Industrial production June 0830 U.K. GDP Q2 1400 U.S. New home sales June 1800 U.S. FOMC statement 2300 South Korea GDP Q2

Grains prices at 0050 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 474.75 0.75 +0.16% -2.86% 501.58 30 CBOT corn 380.75 -1.50 -0.39% -2.56% 393.86 38 CBOT soy 993.75 1.00 +0.10% -1.61% 975.48 44 CBOT rice 12.30 $0.00 +0.00% +1.32% $11.82 76 WTI crude 48.38 $0.49 +1.02% +4.40% $45.24 71

Currencies

Euro/dlr $1.164 -$0.001 -0.11% +0.00% USD/AUD 0.7927 -0.001 -0.11% +0.06%

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)