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GRAINS-Corn falls to one-week low as U.S. harvest begins

SYDNEY, Oct 4 (Reuters) - U.S. corn fell for a third consecutive session to hit a one-week low on Wednesday as ample North American supplies began to hit the market.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were down 0.2 percent to $3.48-3/4 a bushel by 0053 GMT, near the session low of $3.48-1/2 a bushel - the lowest since September 27. Corn closed down 0.6 percent in the previous session.

* The most active soybean futures were up 0.1 percent to $9.56-1/4 a bushel, having closed down 0.2 percent on Tuesday.

* The most active wheat futures were up 0.2 percent to $4.49 a bushel, having closed up 0.9 percent on Tuesday.

* The U.S. Department of Agriculture on Monday said the corn harvest was 17 percent complete, and it rated 63 percent of the crop as good-to-excellent, an improvement from 61 percent a week earlier.

* Commodity brokerage INTL FCStone late on Monday raised its forecast of the U.S. corn yield to 169.2 bushels per acre, from 166.9 a month earlier. The firm also raised its forecast of the U.S. soybean yield to 49.9 bpa, from 49.8 previously.

* Egypt's state grain buyer, the General Authority for Supply Commodities, bought 180,000 tonnes of Russian wheat in an international wheat tender.

MARKET NEWS

* The dollar stepped back from a 1 1/2-month high against a basket of currencies on Wednesday, as the rally triggered by strong U.S. data fizzled on speculation U.S. President Donald Trump's choice for the next Fed Chair may be a less hawkish candidate than previously thought.

* Oil prices eased on Wednesday over caution that a price rally that lasted for most of the third quarter would not extend through the last three months of the year.

* The three major U.S. stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales.

DATA AHEAD (GMT)

0750 France Markit services PMI Sep 0755 Germany Markit services PMI Sep 0800 Euro zone Markit services PMI final Sep 0900 Euro zone Retail sales Aug 1215 U.S. ADP national employment Sep 1400 U.S. ISM non-manufacturing PMI Sep

1915 Federal Reserve Chair Janet Yellen gives brief welcome remarks at banking event in St. Louis

Grains prices at 0053 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 449.00 1.00 +0.22% +0.96% 442.96 55 CBOT corn 348.75 -0.75 -0.21% -0.78% 353.19 43 CBOT soy 956.25 1.00 +0.10% -0.10% 959.22 42 CBOT rice 12.02 $0.00 +0.00% +0.17% $12.56 33 WTI crude 50.07 -$0.35 -0.69% -1.01% $49.28 42

Currencies

Euro/dlr $1.177 $0.003 +0.26% +0.37% USD/AUD 0.7850 0.002 +0.20% +0.32%

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

(Reporting by Colin Packham; Editing by Sonali Paul)