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GRAINS-Wheat extends gains into second session, hits six-day high

SYDNEY, Dec 14 (Reuters) - U.S. wheat futures rose for a second consecutive session on Thursday to hit a six-day high, though gains were capped amid bumper global supplies.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.4 percent to $4.18-1/2 a bushel, as of 0152 GMT, near the session high of $4.19 a bushel, the highest since Dec. 8. Wheat closed up 1.5 percent in the previous session.

* The most active soybean futures climbed 0.1 percent to $9.80 a bushel, having firmed 0.4 percent on Wednesday.

* The most active corn futures rose 0.1 percent to $3.49-1/4 a bushel, having gained 0.4 percent in the previous session.

* The U.S. Department of Agriculture raised its forecast for world wheat stocks in 2017-18 to a new record, while also increasing the expected stockpile in the United States.

* Rains expected this weekend in Argentina's main soy- and corn-growing areas will provide some relief to drought-stricken areas in the country's central farm belt, holding out hope that crop losses may yet be minimal. Argentina is the world's top soymeal exporter and the No. 3 corn supplier.

MARKET NEWS

* The dollar nursed its losses in early Asian trade on Thursday, having tumbled after the Federal Reserve raised interest rates in a widely expected move, but left its rate outlook for the coming years unchanged.

* Oil prices rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though rising output capped prices well below the 2015 highs reached earlier this week.

* The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike but kept its rate outlook for coming years even as it projected faster U.S. economic growth.

DATA/EVENT AHEAD (GMT)

0200 China Industrial output Nov 0200 China Retail sales Nov 0200 China Urban investment Nov 0800 France Markit manufacturing PMI flash Nov 0830 Germany Markit manufacturing PMI flash Nov 0900 Euro zone Markit manufacturing PMI flash Nov 0930 Britain Retail sales Nov

1245 European Central Bank announces interest rate decision 1330 ECB President Mario Draghi holds news conference

1330 U.S. Import prices Nov 1330 U.S. Export prices Nov 1330 U.S. Weekly jobless claims 1330 U.S. Retail sales Nov 1445 U.S. Markit manufacturing PMI flash Nov 1500 U.S. Business inventories Oct

Grains prices at 0200 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 418.50 1.75 +0.42% +1.89% 435.48 33 CBOT corn 349.25 0.25 +0.07% +0.43% 355.22 36 CBOT soy 979.75 0.50 +0.05% +0.41% 988.90 38 CBOT rice 11.81 $0.04 +0.30% -3.71% $12.01 35 WTI crude 56.79 $0.19 +0.34% -0.61% $56.92 45

Currencies

Euro/dlr $1.184 $0.002 +0.14% +0.86% USD/AUD 0.7667 0.003 +0.41% +1.46%

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

(Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)