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GRAINS-Corn rebounds from 7-week low, but weather outlook caps gains

Colin Packham

* Corn recovers from lowest level since June 11

* Soybeans hit lowest since June 13

* Wheat ticks lower after 2% loss on Wednesday

SYDNEY, Aug 1 (Reuters) - U.S. corn futures edged higher on Thursday, rebounding from a seven-week low touched in the previous session, although gains were checked by forecasts for more favourable weather that eased concerns about the prospects for the coming crop. Soybeans fell to mid-June low amid little progress in U.S.-China trade talks, while wheat also edged lower. The most active corn futures on the Chicago Board Of Trade were up 0.4% at $4.11-1/2 a bushel by 0329 GMT, having closed down 2.6% in the previous session. Prices on Wednesday hit their lowest since June 11 at $4.09-1/2 a bushel. "We saw some pretty heavy losses (on Wednesday) and we are seeing a bit of a position squaring ... but the fundamentals of the market remain bleak," said one Melbourne-based grains traders who declined to be named as he is not authorised to talk to the media. The U.S. Department of Agriculture on Wednesday said temperatures across the U.S. Midwest will be slightly below average, ideal for corn and soybeans, although pockets of unfavourable dryness persist in the corn belt. The most active wheat futures were down 0.2% at$4.86-1/4 a bushel, having closed down 2% on Wednesday. The most active soybean futures were down 0.2% at $8.80 a bushel after earlier hitting a session low of $8.78-1/2 a bushel, the lowest since June 13. Soybeans closed down 1.7% on Wednesday. The soybean market awaits any signs of progress in U.S.-China trade talks. Before the trade war was sparked in the middle of 2018, China was the biggest buyer of U.S. soybeans. Negotiators from the United States and China wrapped up a round of trade talks on Wednesday without any visible signs of progress.

Grains prices at 0329 GMT

Contract Last Change Pct chg MA 30 RSICBOT wheat 486.25 -1.00 -0.21% 452.38 34CBOT corn 411.50 1.50 +0.37% 367.50 23CBOT soy 880.00 -1.50 -0.17% 877.91 27CBOT rice 11.96 $0.01 +0.08% $10.76 50WTI crude 57.99 -$0.59 -1.01% $63.19 57

Currencies

Euro/dlr $1.105 -$0.019 -1.66%USD/AUD 0.6851 -0.015 -2.13%

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

(Reporting by Colin Packham; Editing by Tom Hogue)