GRAINS-Wheat firms, holds near 7-mth top on U.S. dry weather woes

SYDNEY, Feb 28 (Reuters) - U.S. wheat edged higher on Wednesday to linger near a seven-month high as dry weather across a key U.S. producing region threatens curb crops, already damaged by recent adverse weather.


* The most active wheat futures on the Chicago Board Of Trade were up 0.2 percent to $4.78 a bushel by 0120 GMT, having closed up 0.9 percent on Tuesday when prices hit a high of $4.79 a bushel - the highest since July 31, 2017.

* The most active soybean futures were up 0.3 percent to $10.52-1/2 a bushel, having closed up 0.3 percent on Tuesday.

* The most active corn futures were unchanged at $3.70-1/2 a bushel, having gained 0.5 percent in the previous session.

* U.S. Department of Agriculture on Monday rated the wheat crop in top growing state Kansas at only 12 percent in good to excellent condition, down 2 points from a month ago.

* Wheat ratings also declined in Oklahoma, Montana, the Dakotas, Nebraska and Colorado.

* Severe cold in Europe this week was also keeping attention on weather risks, although snow cover was expected to limit the impact of deep frosts in top wheat exporter Russia.

* Soybeans draw support from scant rainfall in Argentina that continued to threaten harvest prospects in the No. 3 global producer after Brazil and the United States.

* However, the impact on global supply could be curbed by Brazil's harvest which some forecasters expect to set a record volume.


* The dollar stood near a three-week high against a basket of currencies on Wednesday, after Federal Reserve Chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.

* U.S. oil prices extended declines into a second day after industry data showed an increase in U.S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut.

* U.S. stocks suffered on Tuesday their biggest daily drops since the selloff three weeks ago, after the Fed chairman's comments.


0100 China Official manufacturing PMI Feb 0100 China Official non-manufacturing PMI Feb 0700 Germany GfK consumer sentiment Mar 0745 France Consumer spending Jan 0745 France Detailed GDP Q4

Grains prices at 0120 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 478.00 1.00 +0.21% +1.11% 460.63 65 CBOT corn 370.50 0.00 +0.00% +0.54% 361.96 70 CBOT soy 1052.50 3.00 +0.29% +0.62% 1012.59 80 CBOT rice 12.18 $0.02 +0.16% +0.70% $12.42 39 WTI crude 62.60 -$0.41 -0.65% -2.05% $63.13 53


Euro/dlr $1.223 $0.000 -0.02% -0.71% USD/AUD 0.7787 0.000 -0.03% -0.85%

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

(Reporting by Colin Packham; Editing by Amrutha Gayathri)