GRAINS-Soybeans steady after steep fall on U.S.-China trade fears

SYDNEY, July 12 (Reuters) - U.S. soybeans edged higher on Thursday, moving away from a near 10-year closing low touched in the previous session amid fears over a growing trade war between Washington and Beijing.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.6 percent at $8.53-1/2 a bushel by 0120 GMT, having closed down 2.7 percent on Wednesday when the contract closed at $8.48-1/4 a bushel - the lowest since 2008.

* The most active corn futures were up 0.9 percent at $3.56-1/4 a bushel, having closed down 2.1 percent in the previous session.

* The most active wheat futures were up 1 percent at$4.76-1/4 a bushel, having closed down 4.1 percent on Wednesday.

* Worries about rising trade tensions with China hung over markets in general after Washington detailed products to be covered by a 10 percent tariff on an extra $200 billion worth of Chinese imports. China has vowed to strike back.

* The president of state grains trader COFCO was quoted on Wednesday as saying China could reduce reliance on U.S. soybeans by increasing imports of soybeans from other countries, or other oilseeds, or meat directly.

* France's farm office FranceAgriMer said on Tuesday the country had bigger wheat stocks than expected.

* China National Grain Trade Centre suspended corn trading in the Inner Mongolia Region due to a technology failure at a local grain trade center on Thursday

MARKET NEWS

* The dollar steadied near a six-month high against the Japanese yen and held firm against its major peers on Thursday after the latest U.S. economic data reaffirmed expectations that the Federal Reserve will hike interest rates two more times this year.

* Global benchmark Brent crude oil had its biggest one-day drop in two years on Wednesday as escalating U.S.-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.

* U.S. stocks fell on Wednesday, breaking a four-session streak of gains after Washington's threat to impose tariffs on an additional $200 billion worth of Chinese goods fanned trade war fears, while a sharp drop in oil prices hit energy shares.

DATA AHEAD (GMT)

0900 Euro zone Industrial production May

1130 European Central Bank publishes accounts of June 13-14 policy meeting

1230 U.S. Consumer prices Jun 1230 U.S. Weekly jobless claims

Grains prices at 0120 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 476.25 4.50 +0.95% -3.20% 508.69 35 CBOT corn 356.25 3.00 +0.85% -1.25% 381.10 29 CBOT soy 853.50 5.25 +0.62% -2.07% 928.87 28 CBOT rice 11.89 $0.00 +0.00% -1.82% $11.72 43 WTI crude 70.55 $0.17 +0.24% -4.80% $68.82 43

Currencies

Euro/dlr $1.168 $0.000 +0.03% -0.57% USD/AUD 0.7365 0.000 +0.00% -1.25%

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)