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GRAINS-Corn prices extend gains, but expectations of ample US supply drag

SYDNEY, Sept 11 (Reuters) - U.S. corn edged up on Monday to extend gains into a second session, but expectations of ample North American supplies kept a cap on prices.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were up 0.1 percent at $3.57 a bushel by 0059 GMT, having gained 0.4 percent in the previous session.

* The most active wheat futures were up 0.3 percent at $4.39-1/4 a bushel, after closing up 0.1 percent on Friday.

* The most active soybean futures were up 0.1 percent at $9.63-1/4 a bushel, having ended Friday down 0.7 percent.

* Corn prices were pressured by expectations of a bumper U.S. harvest, with the U.S. government set to update its crop production forecast in a monthly report on Tuesday.

* The U.S. Department of Agriculture said on Friday morning that private exporters reported the sale of 264,000 tonnes of soybeans to China for delivery during the 2017/18 marketing year, the biggest flash sale in 2-1/2 weeks.

* Weekly export sales of soybeans totalled 1.16 million tonnes, the USDA said, just above market forecasts that ranged from 500,000 to 1.10 million tonnes.

* China, the world's largest soybean buyer, imported 8.45 million tonnes of soybeans in August, a record for the month, customs figures showed on Friday.

MARKET NEWS

* The dollar caught its breath in early Asian trading on Monday, pulling away from last week's lows against its major rivals after the weekend passed without any missile launches by North Korea.

* Oil prices edged up on Monday after the Saudi oil minister discussed the possible extension of a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts.

Grains prices at 0059 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 439.25 1.50 +0.34% +0.46% 453.85 45 CBOT corn 357.00 0.25 +0.07% +0.49% 365.93 51 CBOT soy 963.25 1.25 +0.13% -0.57% 952.55 59 CBOT rice 12.72 $0.00 +0.00% +0.00% $12.63 54 WTI crude 47.76 $0.28 +0.59% -2.71% $48.16 48

Currencies

Euro/dlr $1.201 -$0.002 -0.18% -0.08% USD/AUD 0.8043 -0.001 -0.19% -0.04%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)