GRAINS-Wheat firms as traders ready for USDA report

SYDNEY, March 29 (Reuters) - U.S. wheat futures edged higher for the first time in four sessions on Thursday, rebounding from a near two-month low, as traders squared positions ahead of a widely watched U.S. Department of Agriculture report.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.3 percent at $4.47 a bushel by 0047 GMT, having closed down 0.8 percent on Wednesday when prices hit a low of $4.44-1/2 a bushel - the lowest since Feb. 6.

* The most active soybean futures edged up 0.2 percent to $10.19-3/4 a bushel, after closing down 0.1 percent on Wednesday.

* The most active corn futures added 0.2 percent to $3.74-1/4 a bushel, having closed down 0.1 percent in the previous session.

* Market readying for USDA's plantings and stocks reports.

* Analysts expected the government to project an increase in U.S. soybean plantings compared to 2017 and a decline in corn acreage.

* Analysts also expected the USDA to show the largest U.S. March 1 stocks on record for both corn and soybeans, following several years of bumper harvests.

* Brazilian soybean farmers are looking at another strong year after a drought in Argentina and international trade tensions involving the United States and China boosted prospects for the country's oilseeds industry.

MARKET NEWS

* The dollar rose to a one-week high against a basket of major currencies on Wednesday, rebounding further from a five-week low touched the prior session, supported by quarter-end flows into the greenback as investors also shook off fears of a trade war.

* Oil prices fell about 1 percent on Wednesday after data showed U.S. crude inventories unexpectedly rose 1.6 million barrels last week, weighing on market sentiment.

* Wall Street closed lower after a rocky session on Wednesday as gains in consumer staples and healthcare were offset by a sharp drop in Amazon shares and a continuing slide in technology stocks.

Grains prices at 0047 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 447.00 1.50 +0.34% -0.45% 474.76 33 CBOT corn 374.25 0.75 +0.20% +0.07% 380.43 40 CBOT soy 1019.75 1.75 +0.17% +0.02% 1042.88 39 CBOT rice 12.43 -$0.02 -0.16% -0.16% $12.33 62 WTI crude 64.66 $0.28 +0.43% -0.90% $62.65 58

Currencies

Euro/dlr $1.231 $0.000 +0.03% -0.73% USD/AUD 0.7654 0.000 -0.07% -0.30%

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

(Reporting by Colin Packham; editing by Richard Pullin)