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GRAINS-Soybean prices edge up on dry weather fears

SYDNEY, Aug 9 (Reuters) - U.S. soybean prices inched higher on Wednesday, extending gains into a third session as fears over dry weather across key U.S. growing regions kept prices near one-week highs.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade had risen 0.2 percent to $9.74-3/4 a bushel by 0109 GMT. They firmed 0.4 percent on Tuesday after hitting their highest since Aug. 2 at $9.79-3/4 a bushel.

* The most active corn futures were up 0.2 percent at $3.84-1/2 a bushel, after closing down 0.8 percent in the previous session. The most active wheat futures were little changed at $4.56-3/4 a bushel. They ended Tuesday down 1.4 percent.

* The U.S. Department of Agriculture late on Monday rated 60 percent of the U.S. soybean crop in good-to-excellent condition, up from 59 percent a week earlier. However, ratings declined in Illinois and Iowa, the top two U.S. soy states.

* The latest weekly U.S. Drought Monitor showed 36 percent of Iowa in moderate drought and 7 percent in severe drought, up from 1.7 percent a week earlier.

* The market is also concerned U.S. soybeans are vulnerable to frosty conditions amid forecasts for cool temperatures for the rest of the month, a key development stage for the crop.

* Customs data showed China's July soybean imports surged 30 percent to their highest level since at least 2010.

* The European Union introduced a corn import tariff for the first time in nearly three years in view of low prices linked to swelling global supplies of the feed grain.

MARKET NEWS

* The yen firmed slightly against the dollar early on Wednesday after North Korea said it is considering plans for a missile strike on the U.S. Pacific territory of Guam.

* Crude futures fell for a third day in early Asian trading as the market shrugged off a bigger than expected fall in U.S. inventories reported by an industry group as doubts linger over OPEC's ability to restrain supply as promised.

* U.S. stocks closed lower on Tuesday after a late afternoon selling spree as investors fled for safety after U.S. President Donald Trump vowed to respond aggressively to any threats from North Korea.

DATA AHEAD (GMT)

0130 China Consumer prices Jul 0130 China Producer prices Jul 1400 U.S. Wholesale sales Jun

Grains prices at 0109 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 456.75 -0.25 -0.05% -1.46% 498.39 34 CBOT corn 384.50 0.75 +0.20% -0.58% 391.00 49 CBOT soy 974.75 1.50 +0.15% +0.52% 992.47 45 CBOT rice 12.18 $0.03 +0.25% +1.08% $12.06 49 WTI crude 48.98 -$0.19 -0.39% -0.83% $47.14 55

Currencies

Euro/dlr $1.175 $0.000 -0.03% -0.40% USD/AUD 0.7872 -0.004 -0.51% -0.49%

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)