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GRAINS-Corn edges up from more than 7-month low

SYDNEY, Aug 28 (Reuters) - U.S. corn ticked higher on Monday, edging up from a more than seven-month low touched in the previous session, although gains were checked as fears of widespread crop losses eased.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were 0.1 percent higher at $3.54 a bushel by 0043 GMT, having closed down 0.8 percent in the previous session when prices hit a low of $3.52-1/2 a bushel - the lowest since Jan. 11.

* The most active soybean futures were little changed at $9.44-3/4 a bushel, having closed down 0.2 percent on Friday.

* The most active wheat futures were down 0.1 percent to $8.81-3/4 a bushel, having closed up 0.2 percent on Friday.

* Pro Farmer, a division of Farm Journal Media, projected a record-large 2017 U.S. soybean crop of 4.331 billion bushels, based in part on the crop tour, but said U.S. soybean production could still fall short of government forecasts.

* Pro Farmer predicted the U.S. corn harvest at 13.953 billion bushels. Pro Farmer's corn and soy forecasts were both below U.S. Department of Agriculture's outlooks from Aug. 10.

* Weekly U.S. Commodity Futures Trading Commission data released after the close of trading on Friday stated that speculative investors increased their net short or bearish positions in corn, soy and wheat in the trading week that ended on Tuesday.

MARKET NEWS

* The euro extended its gains early on Monday and rose to a 2-1/2-year high against the dollar after the European Central Bank president did not try to talk down currency the strong while markets assessed the impact of Hurricane Harvey on the U.S. economy.

* U.S. gasoline prices soared more than 6 percent to the highest level in more than two years and margins jumped 16 percent when markets opened on Sunday as Tropical Storm Harvey caused widespread flooding in Houston and shut down refineries.

DATA (GMT)

1230 U.S. Adv Good Trade Balance Jul 1430 U.S. Dalls Fed Mfg Bus Idx Aug

Grains prices at 0043 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 434.75 -0.50 -0.11% +0.06% 477.93 25 CBOT corn 354.00 0.50 +0.14% -0.63% 376.84 20 CBOT soy 944.75 0.25 +0.03% -0.18% 968.94 45 CBOT rice 12.71 $0.00 +0.00% +0.87% $12.51 68 WTI crude 47.65 -$0.22 -0.46% +0.46% $48.16 48

Currencies

Euro/dlr $1.192 $0.000 +0.00% +1.08% USD/AUD 0.7933 0.000 +0.00% +0.42%

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)