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GRAINS-Corn extends losses into fifth session, lingers near 9-month low

SYDNEY, Aug 31 (Reuters) - U.S. corn edged lower as abundant global supplies pushed prices down for a fifth consecutive session to sit near a nine-month low.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade fell 0.1 percent to $3.45-1/4 a bushel by 0031 GMT, having closed down 0.9 percent in the previous session when prices hit a low of $3.45 a bushel - the lowest since Dec. 2.

* The most active soybean futures were little changed at $9.33-1/2 a bushel, having closed down 0.4 percent on Wednesday.

* The most active wheat futures were down 0.1 percent at $4.29-1/4 a bushel, having closed up 0.4 percent on Wednesday.

* Corn was under pressure amid expectations the U.S. 2017 harvest will be large, if not as big as the record 2016 crop. The global grain pipeline is still absorbing massive South America harvests.

* Forecasts called for generally benign Midwest crop weather, aside from a few dry areas, and a low likelihood of frost through mid-September, which should benefit maturing soybean crops.

MARKET NEWS

* The U.S. dollar rose broadly on Wednesday on speculation the European Central Bank could step in to weaken the euro and after strong U.S. economic data boosted expectations for a solid U.S. jobs report on Friday.

* Gasoline futures surged on Wednesday to a two-year high while crude oil was down, as flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages.

* U.S. stocks rose on Wednesday after stronger-than-expected U.S. economic growth outweighed concerns about escalating tensions between the United States and North Korea and uncertainty in the aftermath of Hurricane Harvey.

DATA AHEAD (GMT)

0100 China Official manufacturing PMI Aug 0100 China Official non-manufacturing PMI Aug 0600 Germany Retail sales Jul 0645 France Producer prices Jul 0800 Germany Unemployment rate Aug 0900 Euro zone Inflation flash Aug 0900 Euro zone Unemployment rate Jul 1230 U.S. Personal income Jul 1230 U.S. Weekly jobless claims 1345 U.S. Chicago PMI 1400 U.S. Pending home sales Jul

Grains prices at 0031 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 429.25 -0.50 -0.12% -0.12% 467.60 32 CBOT corn 345.25 -0.25 -0.07% -1.00% 371.67 11 CBOT soy 933.50 0.25 +0.03% -0.40% 960.92 31 CBOT rice 12.70 -$0.01 -0.12% +0.75% $12.58 60 WTI crude 45.81 -$0.15 -0.33% -1.36% $48.05 34

Currencies

Euro/dlr $1.189 $0.001 +0.08% -0.68% USD/AUD 0.7905 0.000 +0.01% -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)