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GRAINS-Wheat edges down from 6-week high

SYDNEY, Sept 28 (Reuters) - U.S. wheat nudged lower on Thursday, edging down from a six-week high touched in the previous session, although losses were checked as traders readied for a widely watched U.S. government supply forecast.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.2 percent at $4.60-3/4 a bushel by 0055 GMT, having closed up 1.7 percent on Wednesday when prices hit a high of $4.62-3/4 a bushel - the highest since Aug. 8.

* The most active soybean futures were down 0.1 percent to $9.64-1/4 a bushel, having firmed 0.2 percent on Wednesday.

* The most active corn futures were down 0.2 percent to $3.53-1/4 a bushel, having closed up 0.5 percent in the previous session.

* U.S. Department of Agriculture to issue small grains report on Friday when analysts expect the government to lower its estimate of U.S. 2017 wheat production.

* Analysts expect the USDA to report U.S. corn stocks as of Sept. 1 at 2.353 billion bushels, which would be the largest Sept. 1 stocks since 1988, if realized.

* Soybeans under pressure as a spell of unseasonably hot weather over the last week likely helped advance crop maturity, easing fears of harvest delays.

MARKET NEWS

* The dollar rose to a more than one-month high against a basket of currencies on Wednesday, as optimism about U.S. fiscal reforms boosted sentiment in favour of the greenback.

* Brent prices fell on Wednesday while U.S. crude rallied, after oil stockpiles in the world's top consumer unexpectedly drew down with refiners coming back online following Hurricane Harvey last month.

* U.S. stocks rose on Wednesday as gains in financial shares were powered by growing expectations for a December interest rate hike and on hopes President Donald Trump's administration may be making progress on a tax plan.

DATA (GMT)

0900 E.U. Business Climate Sept 1230 U.S. GDP Final Q2 1230 U.S. Core PCE Prices Final Q2 1230 U.S. Adv Goods Trade Balance Aug 1230 U.S. Initial Jobless Claims weekly

Grains prices at 0055 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 460.75 -0.75 -0.16% +1.54% 441.78 75 CBOT corn 353.25 -0.75 -0.21% +0.28% 354.82 57 CBOT soy 964.25 -1.25 -0.13% +0.08% 956.29 49 CBOT rice 11.85 -$0.05 -0.42% -1.00% $12.60 23 WTI crude 52.09 -$0.05 -0.10% +0.40% $48.90 75

Currencies

Euro/dlr $1.175 $0.001 +0.04% -0.36% USD/AUD 0.7853 0.000 +0.06% -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)