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GRAINS-Wheat prices tick up after losses, corn holds near 1-mth low

SINGAPORE, Oct 12 (Reuters) - U.S. wheat edged up on Thursday, rising for the first time in four sessions as investors looked for bargains, although ample world supplies and stiff competition from Black Sea producers limited gains. Corn was little changed, trading near last session's one-month low ahead of a key U.S. government report expected to indicate higher crop yields.

FUNDAMENTALS

* U.S. wheat is finding it difficult to win business with low offers being made from Russian and Ukrainian suppliers.

* Egypt's state buyer this week bought 170,000 tonnes of Russian wheat in an international purchasing tender where no U.S. wheat was offered.

* Still, the U.S. Department of Agriculture (USDA) confirmed that private exporters sold 104,202 tonnes of U.S. hard red winter wheat and 150,000 tonnes of corn to Mexico.

* More such sales of U.S. wheat and corn could support grain markets. Corn dropped to its lowest since Sept. 12 at $3.45-1/2 a bushel on Wednesday, while wheat has fallen for the past three sessions.

* The USDA is scheduled to release its monthly World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports at 1600 GMT. Traders expect the agency to raise its estimate of the U.S. corn harvest in the reports.

* Rains slowed the U.S. Midwest harvest in recent days. The USDA in a weekly crop progress report said the corn harvest was 22 percent complete, lagging the five-year average of 37 percent. The soybean harvest was 36 percent complete, behind the five-year average of 43 percent.

* The corn harvest was only 8 percent finished in Iowa, the top U.S. corn state, and 4 percent complete in Minnesota, the No. 4 producer.

* Declining precipitation in Argentina due to a transition toward the La Nina climate phenomenon will relieve flooded crop fields in the coming months, but drier conditions could harm soybean and corn yields, meteorologists told Reuters.

* Commodity funds were net sellers of Chicago Board of Trade corn, wheat, soymeal and soybean futures contracts on Wednesday and small net buyers of soyoil, traders said.

MARKET NEWS

* Wall Street stocks rose on Wednesday as the minutes from the Federal Reserve's September policy meeting merely confirmed expectations that interest rates would rise, while the euro gained on the dollar after Catalonia held off on moving to independence.

DATA AHEAD (GMT) 1600 World Agricultural Supply and Demand Estimates and Crop Production reports.

1000 Euro zone Industrial production Aug 1230 U.S. Weekly jobless claims

1430 Participation by the ECB President Mario Draghi in panel at 4th "Rethinking Macro Policy" conference organised by IMF and hosted by Peterson Institute. IMF Managing Director Christine Lagarde and World Bank President Jim Yong Kim hold G20 news conferences as part of the IMF/World Bank annual meetings.

Grains prices at 0034 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 434.75 1.50 +0.35% -0.11% 443.93 37 CBOT corn 346.50 0.50 +0.14% -0.79% 352.51 36 CBOT soy 967.25 2.00 +0.21% +0.13% 964.78 53 CBOT rice 12.04 $0.00 +0.00% +0.12% $12.40 47 WTI crude 51.03 -$0.27 -0.53% +0.22% $49.96 56

Currencies

Euro/dlr $1.186 $0.000 +0.03% +0.47% USD/AUD 0.7804 0.002 +0.22% +0.36%

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

(Reporting by Naveen Thukral; Editing by Joseph Radford)