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GRAINS-Wheat prices hit 6-mth high on concerns over dry weather in U.S.

SYDNEY, Feb 8 (Reuters) - U.S. wheat futures edged to a six-month high on Thursday, as concerns about dry weather across key U.S. growing regions stoked fears over potential production losses.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade were up 0.5 percent at $4.63 a bushel by 0206 GMT, after earlier marking their highest since August, 2017 at $4.64-1/2 a bushel. Wheat closed up 3.2 percent on Wednesday.

* The most active soybean futures were little changed at $9.83-1/2 a bushel, having firmed 1.7 percent on Wednesday.

* The most active corn futures were down 0.1 percent at $3.64-3/4 a bushel, after gaining 0.5 percent in the previous session.

* Wheat prices climbed amid concern about dry weather for the U.S. crop. While the 2018 crop is still in its winter dormancy, soil moisture is in tight supply and monthly crop ratings fell sharply in January.

* The U.S. Department of Agriculture will issue its latest supply and demand report on Thursday. Analysts surveyed by Reuters on average expect the USDA to raise its forecast of U.S. 2017/18 soybean ending stocks, reflecting a sluggish export pace.

MARKET NEWS

* The dollar was off recent lows against major rivals on Thursday, benefiting from the euro's weakness and higher U.S. yields but capped by concerns about recent equity market volatility.

* Oil prices on Thursday were close to their lowest levels this year, with soaring U.S. output undermining OPEC's efforts to tighten markets and prop up prices.

* S&P 500 stock index e-mini futures dipped 0.25 percent late on Wednesday after the regular trading session, suggesting U.S. stocks might lose ground at the beginning of the next trading session.

DATA AHEAD (GMT)

China Trade data Jan 0700 Germany Trade data Dec

1200 Bank of England announces rate decision

1330 U.S. Weekly jobless claims

Grains prices at 0206 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 463.00 2.50 +0.54% +3.75% 435.76 72 CBOT corn 364.75 -0.50 -0.14% +0.34% 354.64 67 CBOT soy 983.50 0.50 +0.05% -0.28% 975.18 51 CBOT rice 12.42 -$0.08 -0.64% -1.04% $12.13 57 WTI crude 61.48 -$0.31 -0.50% -3.01% $63.29 28

Currencies

Euro/dlr $1.227 $0.001 +0.07% -0.85% USD/AUD 0.7827 0.001 +0.08% -0.99%

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

(Reporting by Colin Packham Editing by Joseph Radford)