* Soybeans hit neat two-week high
* Corn rebounds from near two-month low
* Wheat edges higher, gains capped as spring crops improve
SYDNEY, Aug 23 (Reuters) - U.S. soybeans rose on Wednesday to a two-week high as reports of lower-than-expected yields during a widely followed U.S. crop tour stoked fears that production would fall to match official estimates. Corn rose, rebounding slightly from a two-month low hit during the previous session, while wheat rose for the first time in three sessions. The most active soybean futures on the Chicago Board of Trade had climbed 0.7 percent to $9.43-3/4 a bushel by 0304 GMT, near the session high of $9.47 a bushel - the highest since Aug. 10. Soybeans closed up 0.1 percent on Tuesday. Analysts said the findings from the annual Farm Journal Midwest Crop Tour was underpinning gains, which reported average to below-average yields in Indiana and in Nebraska.
"Crop tourists in U.S. soybean regions report a mixture of pod counts in the fields they visit. U.S. bean yields are already expected to be a little below their best," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. Further support arose from strong demand for U.S. soybean supplies from China - the world's largest buyer of the oilseed. The most active corn futures were up 0.1 percent at $3.60-1/4 a bushel, having closed down 0.8 percent in the previous session. Analysts said forecasts for crop friendly weather was capping any gains for corn. The Farm Journal Tour found below-average corn yield potential in Indiana and above-average in Nebraska. The most active wheat futures were up 0.2 percent to $4.30 a bushel, after ending Tuesday down 1.8 percent. Wheat is under pressure as fears of widespread damage to U.S. supplies of high quality crops ease. U.S. Department of Agriculture data released late on Monday showed the U.S. spring wheat harvest as 58 percent complete, above the five-year average pace of 51 percent.
Grains prices at 0304 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.00 1.00 +0.23% -1.60% 488.05 15 CBOT corn 360.25 0.25 +0.07% -0.76% 380.22 29 CBOT soy 943.75 6.25 +0.67% +0.80% 974.16 49 CBOT rice 12.48 -$0.02 -0.16% +0.04% $12.46 52 WTI crude 47.68 -$0.15 -0.31% +0.65% $47.99 47
Euro/dlr $1.176 $0.000 +0.00% -0.46% USD/AUD 0.7895 -0.001 -0.15% -0.50%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; Editing by Christian Schmollinger)