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GRAINS-Corn edges lower as ample U.S. supplies set to hit market

SYDNEY, Sept 20 (Reuters) - U.S. corn fell for a third consecutive session on Wednesday as expectations that ample supplies will soon reach the market kept prices near a one-week low.

FUNDAMENTALS

* The active corn futures on the Chicago Board Of Trade were down 0.1 percent to $3.47-3/4 a bushel by 0057 GMT, having closed down 0.9 percent in the previous session when prices hit a low of $3.46-1/2 a bushel - the lowest since Sept. 12.

* The active soybean futures were up 0.1 percent to $9.66-3/4 a bushel, having closed down 0.2 percent on Wednesday.

* The active wheat futures were up 0.1 percent to $4.43-1/2 a bushel, having closed little changed in the previous session.

* The U.S. corn crop was 7 percent harvested by Sunday, the U.S. Department of Agriculture said in a weekly report.

* The USDA said 34 percent of the corn crop was mature, well behind the five-year average of 47 percent. But forecasts showed no major weather problems that could threaten late-maturing fields.

* Egypt's state grain buyer purchased 175,000 tonnes of Russian wheat in a tender. No U.S. wheat was offered

MARKET NEWS

* The dollar edged up against a basket of currencies on Wednesday as investors awaited the outcome of the Federal Reserve's meeting at which it was expected to announce plans to trim its $4.2 trillion in bond holdings.

* Oil prices rose on Wednesday after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in U.S. inventories.

* The three major U.S. stock indexes edged higher on Tuesday, logging closing records, with financial stocks providing the biggest boost a day ahead of the Federal Reserve's concluding statement from its two-day policy meeting.

DATA/EVENT AHEAD (GMT)

0600 Germany Producer prices Aug 0830 Britain Retail sales Aug 1400 U.S. Existing home sales Aug

1800 U.S. Federal Reserve releases policy statement 1830 Fed Chair Janet Yellen holds news briefing

Grains prices at 0057 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 443.50 0.50 +0.11% +0.00% 443.44 68 CBOT corn 347.75 -0.50 -0.14% -1.07% 358.95 53 CBOT soy 966.75 1.25 +0.13% -0.10% 950.41 65 CBOT rice 12.79 $0.01 +0.08% -0.74% $12.69 62 WTI crude 49.82 $0.34 +0.69% -0.18% $48.19 64

Currencies

Euro/dlr $1.199 $0.000 +0.00% +0.33% USD/AUD 0.8004 0.000 -0.06% +0.55%

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)