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GRAINS-Corn prices edge up, rebound from lowest in nearly 7 weeks

SYDNEY, Aug 16 (Reuters) - U.S. corn futures inched higher on Wednesday to move away from a near seven-week low touched in the previous session, though gains were capped as fears over the outlook for U.S. crops eased.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were up 0.1 percent at $3.69 a bushel by 0102 GMT. They slumped 2 percent in the previous session after hitting their lowest since June 29 at $3.67-1/2 a bushel.

* The most active soybean futures were down 0.1 percent at $9.23-1/4 a bushel, after earlier touching the weakest since June 30 at 9.22 a bushel. Soybeans closed down 1.6 percent on Tuesday.

* The most active wheat futures were little changed at $4.29-3/4 a bushel. On Tuesday, they closed down 2.6 percent after marking their lowest since June 5 at $4.28 a bushel.

* Wheat prices in western European markets were little changed on Friday as improved crop outlooks in several rival exporters kept a lid on the market.

* Corn prices have been pressured by the U.S. Department of Agriculture's better-than-expected crop condition report.

* Rains were falling in parts of Nebraska and Iowa and the storm system was forecast to move east, likely increasing yield potential for corn and soybeans and further weighing on prices.

* U.S. soybean processors ramped up their pace of crushing during July, the National Oilseed Processors Association said on Tuesday.

MARKET NEWS

* The dollar edged slightly lower in early Asian trading on Wednesday but held most of its gains made after U.S. retail sales data suggested the economy continued to gain momentum in the third quarter and kept alive hopes for another Federal Reserve interest rate hike this year.

* Oil prices rose early on Wednesday on a fall in U.S. crude inventories, although analysts said that markets were still being weighed down by general oversupply.

* U.S. stocks ended little changed on Tuesday as declines in Home Depot and other retailers following results offset upbeat U.S. retail sales data.

DATA AHEAD (GMT)

0800 Italy Preliminary GDP Q2 0900 Euro zone GDP Flash Estimate Q2 1230 U.S. Housing starts Jul 1230 U.S. Building permits Jul

1800 Minutes of Federal Reserve's July 25-26 meeting

Grains prices at 0102 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 429.75 0.25 +0.06% -2.55% 484.15 20 CBOT corn 369.00 0.50 +0.14% -1.93% 387.70 34 CBOT soy 923.25 -1.00 -0.11% -1.60% 988.86 26 CBOT rice 12.20 -$0.04 -0.37% -1.13% $12.14 46 WTI crude 47.68 $0.13 +0.27% +0.19% $47.57 40

Currencies

Euro/dlr $1.174 $0.000 +0.03% -0.35% USD/AUD 0.7827 0.001 +0.12% -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 Joseph Radford)