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

* Corn firms as U.S. dollar edges lower

* Wheat up for fourth straight session

* Soybeans firm 0.5 percent

SYDNEY, Aug 28 (Reuters) - U.S. corn edged up from a from more than seven-month low on Monday as a weaker dollar lent some support, although gains were checked by easing fears of widespread production losses. Wheat also edged higher, extending gains into a fourth consecutive session, while soybeans rose 0.5 percent. The most active corn futures on the Chicago Board Of Trade were 0.3 percent higher at $3.54-1/2 a bushel by 0159 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. Despite the rise, analysts said fundamentals remain bearish. "A weakening U.S. dollar will help. But that must translate into export sales at some point. Only that can arrest the decline," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. With sustained dry weather, traders had built positions in the expectation of significant production losses. But while private forecasters expect production to fall short of official estimates, fears of widespread losses have largely eased. 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.

U.S. Commodity Futures Trading Commission data showed speculative investors increased their net short or bearish positions in corn, soy and wheat in the trading week that ended on Tuesday. The most active soybean futures were up 0.5 percent to $9.49 a bushel, having closed down 0.2 percent on Friday. The most active wheat futures were up 0.2 percent to $4.36 a bushel, having closed up 0.2 percent on Friday. Pro Farmer 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.

Grains prices at 0159 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 436.00 0.75 +0.17% +0.35% 477.98 26 CBOT corn 354.50 1.00 +0.28% -0.49% 376.86 23 CBOT soy 949.00 4.50 +0.48% +0.26% 969.08 50 CBOT rice 12.71 $0.00 +0.00% +0.87% $12.51 67 WTI crude 47.68 -$0.19 -0.40% +0.53% $48.16 48

Currencies

Euro/dlr $1.193 $0.000 +0.03% +1.10% USD/AUD 0.7942 0.001 +0.11% +0.53%

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)