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GRAINS-Wheat prices hit 6-mth high as adverse weather stokes US output concerns

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SYDNEY, Feb 13 (Reuters) - U.S. wheat futures on Tuesday hit their highest in six months, pushed up by worries over adverse weather in key North American growing regions.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade were up 0.5 percent at $4.66-1/2 a bushel at 0224 GMT, after earlier touching their highest since Aug. 8 at $4.67 a bushel. Wheat closed up 3.3 percent on Monday.

* The most active soybean futures were up 0.1 percent at $10.02-1/2 a bushel, having firmed 1.9 percent on Monday.

* The most active corn futures were down 0.1 percent at $3.66-1/2 a bushel. They gained 1.4 percent in the previous session.

* Wheat prices drew some support from concerns about dry conditions in major U.S. winter wheat states such as Kansas and Oklahoma.

* The run-up in prices appeared likely to curb export demand for U.S. wheat, a factor underscored when the U.S. Department of Agriculture on Thursday lowered its U.S. wheat export forecast for the 2017/18 marketing year.

* Some Chinese buyers have canceled corn purchases from the United States and switched to rival supplier Ukraine, as Beijing tightens controls on processing genetically modified strains of the crop, trade sources said.

MARKET NEWS

* The euro got off to an unusually quiet start in Asia on Monday, having posted its worst weekly performance in three months, as investors await more developments and ratings downgrades from Europe.

* Oil edged lower in volatile trading on Friday, posting a second consecutive weekly loss as caution about Europe's debt crisis and year-end positioning continued to spark selling into rallies.

* A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Friday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe's debt crisis will engulf world economies.

DATA AHEAD (GMT)

0930 UK Consumer prices Jan 1100 U.S. NFIB business optimism Jan

Grains prices at 0224 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 466.50 2.50 +0.54% +3.90% 438.76 67 CBOT corn 366.50 -0.50 -0.14% +1.24% 355.98 63 CBOT soy 1002.50 0.75 +0.07% +1.98% 978.69 65 CBOT rice 12.38 -$0.01 -0.08% +0.45% $12.17 55 WTI crude 59.70 $0.41 +0.69% +0.84% $63.23 25

Currencies

Euro/dlr $1.229 $0.000 -0.01% +0.47% USD/AUD 0.7861 0.000 +0.04% +0.63%

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)