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GRAINS-Soybeans extend rally into fifth session, near one-month high

SYDNEY, April 11 (Reuters) - U.S. soybeans rose for a fifth consecutive session on Wednesday to sit near a one-month high after the U.S. Department of Agriculture pegged its end-of-season forecast below market expectations.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade rose 0.5 percent to $10.55 a bushel by 0134 GMT, having firmed 0.3 percent on Tuesday when prices hit a high of $10.64 a bushel - the highest since March 9.

* The most active corn futures added 0.1 percent to $3.89-3/4 a bushel, having fallen 0.4 percent in the previous session.

* The most active wheat futures fell 0.5 percent to $4.89-3/4 a bushel, having closed up 0.3 percent on Tuesday when prices hit a high of $4.94 a bushel - the highest since March 13.

* USDA trimmed its 2017-18 U.S. soybean ending stocks forecast to 550 million bushels, down from 555 million last month and below an average of analyst estimates for 574 million.

* The government raised its estimate of the U.S. 2017-18 soybean crush, implying strong processor demand for soybeans and increased production of soymeal, while leaving its U.S. soy export forecast unchanged.

* The USDA slashed its estimate of Argentina's drought-hit soybean crop to 40 million tonnes, from 47 million in March, while raising its estimate of Brazil's soy crop to 115 million tonnes, from 113 million last month.

* The USDA late on Monday rated 30 percent of the U.S. winter wheat crop in good to excellent condition, down from 32 percent a week earlier and 53 percent a year ago.

MARKET NEWS

* The dollar rose on Tuesday to a four-day high against the Japanese yen after Chinese President Xi Jinping promised to cut import tariffs, easing concerns about a U.S.-China trade conflict between that had fed safe-haven demand for yen.

* Oil prices edged higher on Wednesday, adding to steep gains in the previous session, as markets eyed an escalation of Middle East tensions after Europe's air traffic control agency warned of possible air strikes on Syria in the next 72 hours.

* U.S. stocks climbed on Tuesday as investor concerns about rising trade tensions between the United States and China eased after Chinese President Xi Jinping promised to cut import tariffs.

DATA AHEAD (GMT)

0130 China Consumer prices Mar 0130 China Producer prices Mar 1230 U.S. Consumer prices Mar 1500 U.S. Cleveland Fed CPI Mar

1800 Federal Reserve releases minutes from its March 20-21

Grains prices at 0134 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 489.75 -2.25 -0.46% -0.20% 475.57 70 CBOT corn 389.75 0.50 +0.13% -0.26% 384.42 61 CBOT soy 1055.00 5.00 +0.48% +0.76% 1042.65 65 CBOT rice 12.80 $0.03 +0.20% -0.16% $12.44 75 WTI crude 65.52 $0.01 +0.02% +3.31% $62.99 62

Currencies

Euro/dlr $1.236 $0.000 +0.02% +0.31% USD/AUD 0.7762 0.000 +0.04% +0.84%

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)