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GRAINS-Wheat hovers near 4-month low on global supply glut

SYDNEY, Sept 3 (Reuters) - U.S. wheat futures edged lower on Tuesday to linger near a near four-month low, as ample global supplies weighed on prices.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.1% at $4.62-3/4 a bushel by 0038 GMT, having closed down 2.2% on Friday when prices hit a May 16 low of $4.59 a bushel.

* Markets were closed on Monday for a U.S. public holiday.

* The most active soybean futures were down 0.7% at $8.63-1/4 a bushel, after closing little changed on Friday.

* The most active corn futures were down 0.2% at $3.69 a bushel, having closed down 0.4% in the previous session.

* Wheat remained under sustained pressure amid ample supplies.

* U.S-China trade war escalates, with latest round of tariffs beginning that threatens to prolong the disruption of global soybean trading.

MARKET NEWS

* The euro plunged to a 16-month low on Monday as the impact of Washington and Beijing's trade war on the European economy dominated investor sentiment while the pound tanked on speculation that Britain may be headed for a general election.

* Oil prices weakened on Monday after new import tariffs imposed by the United States and China came into force, raising concerns about a further hit to global economic growth and demand for crude.

DATA/EVENTS (GMT)

0130 Australia Current Account Balance Q20130 Australia Net Exports Contribution Q20130 Australia Retail Sales MM July0430 Australia RBA Cash Rate Sept0830 UK Markit/CIPS Cons PMI Aug0930 EU Producer Prices MM, YY July1345 US Markit Mfg PMI Final Aug1400 US ISM Manufacturing PMI Aug

Grains prices at 0038 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 462.00 -0.50 -0.11% -2.27% 485.70 26CBOT corn 369.00 -0.75 -0.20% -0.61% 394.02 35CBOT soy 863.25 -5.75 -0.66% -0.60% 877.59 43CBOT rice 11.92 -$0.04 -0.29% +0.55% $11.83 69WTI crude 54.79 -$0.31 -0.56% -3.39% $55.32 45

Currencies

Euro/dlr $1.095 -$0.001 -0.12% -0.33%USD/AUD 0.6713 0.000 +0.00% -0.34%

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

(Reporting by Colin Packham; Editing by Rashmi Aich)