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GRAINS-Wheat prices tick up after losses, ample global supplies cap gains

SINGAPORE, Aug 17 (Reuters) - Chicago wheat futures edged up on Thursday after deep losses the session before, when the market hit contract lows amid ample global supply. Corn inched higher after dropping to its lowest since late June on Wednesday on forecasts of rains boosting crop prospects across the U.S. Midwest. Soybean prices rose for a second day.

FUNDAMENTALS

* Wheat prices are struggling in the face of record supplies from the Black Sea region and other key producing countries.

* Leading Russian agriculture consultancies SovEcon and IKAR raised their estimates of Russia's 2017 wheat crop sharply to record highs on Friday on strengthening yields of the incoming crop.

* Egypt, the world's largest wheat buyer, on Wednesday said it signed deals to buy 295,000 tonnes of Russian wheat and 60,000 tonnes of Ukraine wheat. No U.S. wheat was offered in the tender.

* Indian farmers harvested a record 98.38 million tonnes of wheat in the crop year to June, up from 97.44 million tonnes estimated in May, data released by the country's farm ministry showed on Wednesday. nD8N1J4007

* Argentina's corn planted area for the 2017-18 crop cycle is seen at a record-high 5.4 million hectares (13.3 million acres), up from 5.1 million last season, the Buenos Aires grains exchange said on Wednesday.

* Strong export demand is underpinning soybean prices. A delegation of importers from China signed agreements to buy 3.8 million tonnes of U.S. soybeans valued at about $1.56 billion at a ceremony in Omaha, Nebraska, on Tuesday, the U.S. Soybean Export Council said on Wednesday.

MARKET NEWS

* Asian stocks edged up on Thursday as tensions between the U.S. and North Korea came off the boil, while worries about President Donald Trump's ability to implement his pro-growth agenda and the Federal Reserve's concerns about low U.S. inflation hit the dollar.

DATA AHEAD (GMT)

0600 Germany Wholesale price index Jul 0830 Britain Retail sales Jul 0900 Euro zone Eurostat trade Jun 0900 Euro zone Inflation final Jul 1230 U.S. Weekly jobless claims 1230 U.S. Philly Fed business index Aug 1315 U.S. Industrial production Jul 1400 U.S. Leading index Jul

Grains prices at 0212 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 421.25 2.00 +0.48% -1.92% 479.88 18 CBOT corn 367.00 0.50 +0.14% -0.41% 386.43 32 CBOT soy 929.25 4.00 +0.43% +0.54% 986.59 29 CBOT rice 12.21 $0.02 +0.16% -0.33% $12.15 47 WTI crude 46.91 $0.13 +0.28% -1.35% $47.58 33

Currencies

Euro/dlr $1.179 $0.002 +0.16% +0.46% USD/AUD 0.7940 0.002 +0.23% +1.56%

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

(Reporting by Naveen Thukral; Editing by Joseph Radford)