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GRAINS-Corn edges lower, hovers close to 7-week low

SYDNEY, Aug 21 (Reuters) - U.S. corn edged lower on Monday to linger near a seven-week low as weather forecasts called for rain across key producing regions, easing fears of potential production losses due to dry weather.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.5 percent at $3.64 a bushel by 0047 GMT, having gained 0.4 percent in the previous session.

* Corn last week hit a low of $3.63-1/4 a bushel - the lowest since June 27.

* The most active soybean futures were down 0.3 percent to $9.34-3/4 a bushel, having firmed 0.5 percent on Friday.

* The most active wheat futures edged up 0.3 percent to $4.44 a bushel, having closed up 0.4 percent on Friday.

* Weather forecasts looked relatively favorable for Midwest corn and soybean crops, although there was still uncertainty as to whether showers would reach all of the areas affected by very dry conditions earlier this summer.

* Wheat was pressured as rain is expected to recharge soil moisture in winter wheat areas ahead of planting this fall.

MARKET NEWS

* The dollar fell against a basket of major currencies on Friday as continued uncertainty over the economic agenda of U.S. President Donald Trump pushed investors out of the greenback.

* Oil prices rose sharply on Friday, as the dollar fell and U.S. drillers cut rigs, feeding a rally that boosted global benchmark Brent crude to a weekly gain while U.S. crude was virtually flat on the week.

DATA AHEAD (GMT)

1230 U.S. National activity index Jul

Grains prices at 0047 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 444.00 1.50 +0.34% +0.79% 497.75 19 CBOT corn 364.00 -1.75 -0.48% -0.07% 383.34 33 CBOT soy 934.75 -3.00 -0.32% +0.19% 980.64 42 CBOT rice 12.34 -$0.10 -0.80% +1.27% $12.16 46 WTI crude 48.50 -$0.01 -0.02% +2.99% $47.87 55

Currencies

Euro/dlr $1.176 $0.000 -0.04% +0.27% USD/AUD 0.7923 0.000 -0.05% +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 Richard Pullin)