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GRAINS-Wheat near six-month low as ample supplies weigh, corn ticks up

* Wheat hovers near its lowest since late April on ample supplies

* Corn edges higher after hitting its lowest in over one week

(Adds details, quotes) Nov 1 (Reuters) - Chicago wheat edged higher on Wednesday, but the market traded near last session's six month low with pressure from abundant world supplies. Corn rose after hitting its lowest in more than one week earlier in the session while soybeans gained for a second day. The Chicago Board Of Trade most-active wheat contract rose one-quarter of a cent, 0.1 percent, to $4.18-3/4 a bushel Tuesday at $4.16-1/4 a bushel. Corn gained 0.1 percent, or half a cent, at $3.46-1/4 a bushel, having dropped earlier in session to the lowest since Oct. 23 at $3.45-1/4 a bushel. Soybeans added 0.1 percent, or 1 cent, to $9.74-3/4 a bushel, having risen 1.2 percent on Tuesday. The wheat market may have hit the bottom. "Wheat is under bit of pressure at the moment but it is unwarranted," said Ole Houe, an analyst with brokerage IKON Commodities in Sydney. "We could see U.S. wheat prices regain losses in the coming weeks as Russian prices have not changed much and Australian wheat is finding export business." The U.S. Department of Agriculture (USDA) on Tuesday confirmed private sales of 100,000 tonnes of hard red winter wheat to Iraq. It said 52 percent of the U.S. wheat crop was in good-to-excellent condition as of Sunday, well behind market forecasts. The USDA said 54 percent of the corn crop had been harvested as of Sunday, ahead of market expectations, while 83 percent of the soybean crop had been harvested, in line with analysts' expectations. Meanwhile, in the wheat market, China's first cut to its wheat floor price in over a decade may encourage some farmers to plant more lucrative varieties, said analysts and farmers, helping the world's top wheat grower better meet the growing appetite for Western-style baked goods. Beijing said last week its minimum purchase price for wheat in 2018 would be lowered to 2,300 yuan ($347) per tonne, down 2.5 percent from this year's price, in a move aimed at curbing rising stockpiles. Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Tuesday and net buyers of soyoil futures, traders said.

Grains prices at 0228 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 418.75 0.25 +0.06% -1.41% 438.64 28 CBOT corn 346.25 0.50 +0.14% -0.72% 350.14 37 CBOT soy 974.75 1.00 +0.10% +0.21% 973.64 42 CBOT rice 11.60 $0.01 +0.04% -1.40% $12.22 20 WTI crude 54.66 $0.28 +0.51% +0.94% $51.68 80

Currencies

Euro/dlr $1.163 -$0.001 -0.09% -0.14% USD/AUD 0.7662 0.001 +0.09% -0.33%

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

($1 = 6.6276 Chinese yuan renminbi)

(Reporting by Naveen Thukral; Editing by Christian Schmollinger)