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GRAINS-Soybeans rebound from 2-week low; U.S. weather outlook caps gains

SYDNEY, June 27 (Reuters) - U.S. soybeans futures rose on Thursday, rebounding from a near two-week low touched earlier in the session, though gains were checked by favorable weather forecasts that eased fears of widespread crop losses.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $8.95-1/4 a bushel, as of 0139 GMT, having earlier hit a low of $8.93 a bushel - the lowest since June 14. Soybeans ended down 1% in the previous session.

* The most active corn futures were up 0.2% at $4.44 a bushel, having gained 1.6% on Wednesday.

* The most active wheat futures were up 0.4% at $5.48-1/2 a bushel, having closed 1.2% firmer on Wednesday.

* Warm, dry weather across the U.S. Midwest to aid corn crops, which have deteriorated in recent weeks as a result of wet weather.

* Dry weather across the United States for the next week should allow farmers to rapidly increasing plantings, which have been lean in recent weeks by prolonged weather.

* Canada's Statscan pegged the wheat plantings at 24.6 million acres, down slightly from last year's 24.7 million and well below the average trade expectation of 25.7 million acres.

MARKET NEWS

* The dollar hovered near a one-week high against the yen on Thursday, propped up by hopes of Sino-U.S. trade talk progress though investors were nonetheless cautious ahead of a meeting between leaders of the two powers in Japan in days ahead.

* Oil fell on Thursday, erasing some of the previous session's strong gains, as traders eye the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

* The S&P 500 ended lower on Wednesday as gains in technology stocks were offset by a drop in healthcare shares, and investors parsed mixed messages over prospects for a deal to end a trade war between the United States and China.

Grains prices at 0139 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 548.50 2.00 +0.37% +1.57% 514.42 71CBOT corn 444.00 0.75 +0.17% -0.78% 424.15 58CBOT soy 895.25 1.00 +0.11% -0.91% 872.52 54CBOT rice 11.39 $0.04 +0.40% -0.09% $11.80 24WTI crude 59.15 -$0.23 -0.39% +2.28% $56.44 71

Currencies

Euro/dlr $1.137 $0.000 +0.01% +0.04%USD/AUD 0.6997 0.001 +0.20% +0.57%

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

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)