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GRAINS-Wheat firms as adverse U.S. weather supports

SYDNEY, March 5 (Reuters) - U.S. wheat futures rose on Monday, rebounding from the previous session's 3 percent drop, as adverse weather across a key producing region was set to chimp production.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.6 percent to $5.03 a bushel by 0150 GMT, after closing down 3 percent on Friday, when prices also hit a high of $5.18-1/2 a bushel - the highest since July 2017.

* The most active soybean futures were up 0.1 percent to $10.72-1/4 a bushel, having firmed 0.3 percent on Friday.

* The most active corn futures were unchanged at$3.85-1/4, having closed down 0.3 percent in the previous session.

* Wheat had drawn support early last week amid concerns about adverse weather across a key U.S. producing region.

* The U.S. Department of Agriculture early on Friday said that private exporters reported a sale of 198,000 tonnes of soybeans to China, the second day in a row a sale to the world's biggest buyer of the oilseed has been announced.

* Crop conditions for drought-battered corn and soybeans in Argentina worsened this week and ratings among the top three provinces are now on average about 23 percentage points lower than a month ago.

* Private analytics firm Informa Economics on Friday cut its forecast for Argentina's 2017/2018 soybean harvest by 7 million tonnes to 44 million tonnes.

* It also lowered its estimate of the country's 2017/18 corn production to 33.5 million tonnes from 37 million tonnes.

MARKET NEWS

* The euro gave up early gains and dipped in early Monday trade as exit polls in Italian elections pointed to a stronger-than-expected showing for the anti-establishment 5-Star Movement, although it is falling short of an absolute majority.

* Oil prices rose early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would discuss further how to clear a global oil glut.

DATA AHEAD (GMT)

0145 China Caixin services PMI Feb 0850 France Markit services PMI Feb 0855 Germany Markit services PMI Feb 0900 Euro zone Markit services PMI final Feb 0930 Euro zone Sentix index Mar 1000 Euro zone Retail sales Jan 1500 U.S. ISM non-manufacturing PMI Feb

Grains prices at 0150 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 503.00 3.00 +0.60% -2.42% 468.18 72 CBOT corn 385.25 0.00 +0.00% -0.26% 372.17 68 CBOT soy 1072.25 1.25 +0.12% +0.40% 1021.31 85 CBOT rice 12.51 $0.04 +0.36% +0.08% $12.45 57 WTI crude 61.66 $0.41 +0.67% +1.10% $62.85 47

Currencies

Euro/dlr $1.233 $0.002 +0.12% +0.53% USD/AUD 0.7761 0.000 -0.01% +0.09%

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)