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GRAINS-Wheat near 1-month low, ample world supplies offset U.S. crop losses

* Wheat near last week's one-month low; corn, soy fall

* Plentiful global wheat inventories cap rally in CBOT futures

(Adds details, quotes) SINGAPORE, July 31 (Reuters) - Chicago wheat futures slid almost 1 percent on Monday, hovering near a one-month low set last week, as fears of decreased production of high-quality grains in the United States were offset by abundant global supply. Soybeans and corn lost more than one percent with both markets declining for the first time in four sessions. The most-active wheat contract on the Chicago Board of Trade was down 1 percent at $4.76-1/4 a bushel, by 0157 GMT. Earlier in the session, the market hit a low of $4.73 a bushel, matching Wednesday's weakest price, which was the lowest since late June. Soybeans gave up 1.3 percent to $10.00-1/4 a bushel and corn declined 1.3 percent to $3.83 a bushel. "Global wheat and corn supplies are ample, so it is hard to further push prices higher because of the U.S. drought," said an Australia-based agricultural commodities analyst. "As of now, the primary concern is over supplies of high-protein wheat." Large speculators cut their net long position in CBOT corn futures in the week to July 25, regulatory data released on Friday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and trimmed their net short position in soybeans. Hot and dry weather during the growing season slashed yield prospects for U.S. hard red spring wheat to the lowest in nearly a decade, scouts on an annual crop tour said last week. Rain has been falling across the U.S. corn and soybean belt this month but crop ratings have been low or declining, a sign that some farmers may be getting too much moisture while others have parched fields, wrote Karen Braun, Thomson Reuters columnist for agricultural markets in Chicago. In news, a U.S. court said on Friday the U.S. Environmental Protection Agency erred when setting standards for how much renewable fuel must be included in fuel sold in the United States and ordered the agency to try again, according to a court filing. The EPA had sought to lower the amount of biofuels, made mainly from corn and soybean oil, that are needed to be mixed into U.S. fuel.

Grains prices at 0157 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 476.25 -4.75 -0.99% -0.73% 502.63 34 CBOT corn 383.00 -5.00 -1.29% -1.23% 392.37 40 CBOT soy 1000.25 -12.75 -1.26% -0.72% 981.94 47 CBOT rice 12.38 -$0.04 -0.32% +0.49% $11.90 76 WTI crude 49.83 $0.12 +0.24% +1.61% $45.74 79

Currencies

Euro/dlr $1.174 -$0.001 -0.09% +0.54% USD/AUD 0.7979 -0.001 -0.09% +0.20%

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

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)