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GRAINS-Wheat edges higher, lingers near more than 1-month low

SYDNEY, Jan 17 (Reuters) - U.S. wheat futures edged higher for the first time in four sessions on Wednesday, though prices continued to linger near more than one-month lows as ample global supplies continued to weigh.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.1 percent at $4.16-3/4 a bushel by 0124 GMT, having closed down 1 percent on Tuesday when prices hit a low of $4.13-3/4 a bushel - the lowest since December 13, 2017.

* The most active soybean futures were little changed at $9.67-1/2 a bushel, having firmed 0.8 percent on Tuesday when prices hit a high of $9.70 a bushel - the highest since January 8.

* The most active corn futures were up 0.1 percent at $3.48-1/2 a bushel, having gained 0.6 percent in the previous session.

* The USDA estimated 2018 U.S. winter wheat plantings at 32.608 million acres, above analyst expectations for 30.1 million to 32 million acres.

* U.S. domestic demand also supported soybeans after the National Oilseed Processors Association reported a record-large December soy crush of 166.382 million bushels among its members.

* Soybeans were pressured by widespread rains in Brazil over the weekend, which fueled speculation that the world's largest exporter could harvest a larger-than-expected crop this season.

MARKET NEWS

* The dollar fell to a three-year low against its peers on Wednesday, with an earlier bounce sputtering as the euro edged back after shaking off a potentially negative turn in German politics.

* Oil prices rose on Wednesday on tightening supply and strong global demand, although some analysts warned of a downward correction after a more than 13-percent price rise in a month.

* Wall Street paused its rally on Tuesday, weighed down by weakness in General Electric shares and as lower oil prices dragged down the energy sector.

DATA/EVENT AHEAD (GMT)

1415 U.S. Industrial production Dec 1500 U.S. NAHB housing market index Jan

1500 U.S. Senate Banking Committee votes on nomination of Jerome Powell as chairman of the Federal Reserve

Grains prices at 0124 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 416.75 0.25 +0.06% -0.89% 424.90 33 CBOT corn 348.50 0.25 +0.07% +0.65% 350.26 46 CBOT soy 967.50 -0.50 -0.05% +0.73% 975.82 59 CBOT rice 12.09 -$0.05 -0.45% +2.37% $12.06 67 WTI crude 63.91 $0.18 +0.28% -0.61% $59.67 74

Currencies

Euro/dlr $1.229 $0.003 +0.25% +0.24% USD/AUD 0.7990 0.003 +0.38% +0.34%

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

(Reporting by Colin Packham)