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GRAINS-Corn edges up from near five-month low on crop tour findings

SYDNEY, Aug 24 (Reuters) - U.S. corn nudged higher on Thursday, edging up from a near five-month low touched earlier in the session after a widely watched crop tour pegged lower yields in a key producing region.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were trading up 0.1 percent at $3.56 a bushel by 0114 GMT, having earlier hit a low of $3.55-1/4 a bushel - the lowest since March 31. Corn closed down 1.2 percent on Wednesday and has slid over 7 percent this month.

* The most active soybean futures were down 0.2 percent at $9.36 a bushel, having closed little changed in the previous session

* The most active wheat futures were up 0.1 percent to $4.30-1/2 a bushel after closing up 0.2 percent on Wednesday.

* Illinois corn yields are projected to fall about 6.6 percent from last year's near-record crop, scouts on an annual tour said on Wednesday after surveying 205 fields across the No. 2 corn producing state.

* Soybeans were supported as Argentine biodiesel exports are expected to priced out of the U.S. market after Washington decided on Tuesday to impose steep duties on imports that it said were unfairly subsidized.

* However, gains were capped after the U.S. Department of Agriculture said private exporters canceled sales of 640,970 tonnes of U.S. soybeans sold to China for delivery in the 2016/17 marketing year.

MARKET NEWS

* The dollar fell on Wednesday in a generally risk-averse market after U.S. President Donald Trump suggested a shutdown of the government was possible and threatened to terminate the North American Free Trade Agreement.

* Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and as a storm approached the Gulf Coast with the potential to disrupt oil and refined products output.

* U.S. stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall.

DATA AHEAD (GMT)

0645 France Business climate Aug 0830 Britain GDP 2nd release Q2 1230 U.S. Weekly jobless claims 1400 U.S. Existing home sales Jul

Grains prices at 0114 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.50 0.50 +0.12% +0.35% 484.46 16 CBOT corn 356.00 0.25 +0.07% -1.11% 379.17 23 CBOT soy 936.00 -2.00 -0.21% -0.16% 972.25 41 CBOT rice 12.60 -$0.01 -0.04% +0.76% $12.48 59 WTI crude 48.33 -$0.08 -0.17% +1.45% $48.09 54

Currencies

Euro/dlr $1.181 $0.000 +0.02% +0.40% USD/AUD 0.7900 0.000 -0.03% -0.09%

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)