Wires

GRAINS-Wheat edges higher after losses of 2% in previous session

SYDNEY, Oct 3 (Reuters) - U.S. wheat futures edged higher on Thursday, rebounding slightly from losses of 2% in the previous session, though gains were checked as North American supplies remain uncompetitive into major markets.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were up 0.1% at $4.89-1/2 a bushel by 0024 GMT, having closed down 2% on Wednesday.

* The most active soybean futures little changed at $9.13-1/2 a bushel, having closed down 0.6% on Wednesday.

* The most active corn futures were little changed at $3.87-1/2 a bushel, having closed down 1.2% in the previous session.

* Market attention turns to latest U.S. Department of Agriculture (USDA) export data.

* Analysts are expecting a USDA report on Thursday morning to show weekly wheat export sales in a range from 200,000 tonnes to 600,000 tonnes compared to 283,156 tonnes a week ago.

* Egypt's state grains buyer, the General Authority for Supply Commodities, said on Wednesday it bought 60,000 tonnes of French wheat in a tender for shipment Nov. 5-15.

* INTL FCStone's forecast for this year's U.S. corn harvest added to the bearish tone. The firm on Tuesday raised its estimate of the average U.S. 2019 corn yield to 169.3 bushels per acre, from 168.4 in its previous monthly report.

MARKET NEWS

* The dollar on Wednesday dropped to a one-week low against the yen and declined for a second straight session versus the euro, amid worries about global growth following data released a day earlier showing a sharp decline in U.S. manufacturing activity.

* Oil prices fell more than 2% on Wednesday after official data showed a rise in U.S. crude inventories, adding to worries about an oversupplied market as weak economic readings in the United States depressed global financial markets.

* Wall Street's main indexes suffered their sharpest one-day declines in nearly six weeks on Wednesday after employment and manufacturing data suggested that the U.S.-China trade war is taking an increasing toll on the U.S. economy.

Grains prices at 0024 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 489.50 0.50 +0.10% -1.85% 479.30 53CBOT corn 387.50 -0.25 -0.06% -1.27% 370.32 68CBOT soy 913.50 -0.25 -0.03% -0.65% 882.24 67CBOT rice 11.74 $0.03 +0.21% -1.10% $11.94 38WTI crude 52.48 -$0.16 -0.30% -2.13% $56.13 28

Currencies

Euro/dlr $1.096 $0.000 +0.05% +0.30%USD/AUD 0.6713 0.001 +0.15% +0.16%

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

(Reporting by Colin Packham)