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GRAINS-Corn falls from 7-month high on protectionist trade fears

SYDNEY, March 14 (Reuters) - U.S. corn futures edged lower
on Wednesday, retreating from a seven-month high on market fears
of rising U.S protectionism due to the dismissal of U.S.
Secretary of State Rex Tillerson and the possibility of more
import tariffs against China.

* The most active corn futures on the Chicago Board Of Trade
fell 0.5 percent to $3.90 a bushel by 0042 GMT, having
firmed 0.3 percent on Tuesday when prices hit $3.95-1/4 a
bushel, the highest since July 2017.
* The most active soybean futures were down 0.3
percent at $10.45-1/2 a bushel after closing up 0.7 percent in
the previous session.
* The most active wheat futures were down 0.5 percent
at $4.84 a bushel.
* South Korean importers bought over 1 million tonnes of
corn in the past week, much of it from the United States,
European traders said.
* The U.S. Department of Agriculture separately announced a
sale of 210,000 tonnes to South Korea of corn that could be U.S.
grain or shipped from another country.
* Corn and soybeans were supported as dry weather across
Argentina is expected to trim production.

* The dollar fell against most major currencies on Tuesday
after U.S. inflation data for February was in line with
expectations, suggesting the Federal Reserve remained on track
to raise interest rates at a gradual pace.
* Oil prices stabilised early on Wednesday after posting two
days of falls at the start of the week.
* Wall Street's major indexes fell on Tuesday as the
dismissal of U.S. Secretary of State Rex Tillerson and the
possibility of additional U.S. import tariffs against China
dragged down stocks across sectors.

0200 China Industrial output Feb
0200 China Commodities output Feb
0200 China Retail sales Feb
0200 China Urban investment Feb
1000 Euro zone Industrial production Jan
1230 U.S. Retail sales Feb
1400 U.S. Business inventories Jan

Grains prices at 0042 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 484.00 -2.50 -0.51% -1.38% 478.35 52
CBOT corn 390.00 -1.75 -0.45% -0.19% 378.49 74
CBOT soy 1045.50 -3.25 -0.31% +0.43% 1033.73 49
CBOT rice 12.27 $0.00 +0.00% -0.28% $12.42 39
WTI crude 60.85 $0.14 +0.23% -0.83% $62.00 41
Euro/dlr $1.239 $0.000 +0.00% +0.46%
USD/AUD 0.7859 0.000 +0.03% -0.17%
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)

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