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GRAINS-Soybean prices edge higher, easing weather worries cap gains

* Soybeans rebound from near one-month low

* Soybean gains checked by USDA crop condition report

* Corn and wheat both inch up

SYDNEY, Aug 2 (Reuters) - U.S. soybeans edged higher on Wednesday, pulling away from a near one-month low touched in the previous session, though gains were checked as fears of potential losses from recent dry weather eased. Corn prices rose 0.5 percent, clawing back some of their losses from the previous session, while wheat also edged higher. The most active soybean futures on the Chicago Board of Trade had crept up 0.3 percent to $9.74-1/4 a bushel by 0326 GMT. They closed down 3.5 percent on Tuesday, when prices hit their lowest since July 3 at $9.69-3/4 a bushel. But gains were capped by forecasts of wetter weather in key growing regions, reining in worries over dry conditions. "Weather forecasters have increased rainfall in their forecasts for the first half of August. Soybean crops now seem less at peril from hot summer weather," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. The U.S. Department of Agriculture late on Monday rated 59 percent of the U.S. soy crop in good-to-excellent condition, up from 57 percent a week earlier. Analysts surveyed by Reuters on average had expected no change. INTL FCStone projected U.S. 2017 soybean production at 4.235 billion bushels, with an average yield of 47.7 bushels per acre (bpa). The figures compare with the USDA's current forecast for a 4.260 billion bushel crop with a yield of 48.0 bpa. The most active wheat futures were up 0.2 percent at$4.62-1/4 a bushel after closing down 2.8 percent. On Tuesday, prices marked their lowest since June 22 at $4.60-1/2 a bushel. The most active corn futures climbed 0.4 percent to $3.78 a bushel, having closed down 2.1 percent in the previous session. Prices on Tuesday touched their lowest since June 30 at $3.75-3/4 a bushel. INTL FCStone forecast this year's corn harvest at 13.590 billion bushels, with an average yield of 162.8 bpa. That was below the USDA's forecast for a corn crop of 14.255 billion bushels, with a yield of 170.4 bpa.

Grains prices at 0326 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 462.25 1.00 +0.22% -2.58% 501.00 30 CBOT corn 378.00 1.50 +0.40% -1.75% 391.22 40 CBOT soy 974.25 2.50 +0.26% -3.28% 984.24 37 CBOT rice 12.42 $0.04 +0.36% +1.26% $11.94 75 WTI crude 48.73 -$0.43 -0.87% -2.87% $46.10 60

Currencies

Euro/dlr $1.180 $0.000 +0.02% -0.31% USD/AUD 0.7947 -0.002 -0.25% -0.69%

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)