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GRAINS-Corn firms after two days of losses, U.S. crop tour in focus

SINGAPORE, Aug 21 (Reuters) - Chicago corn futures ticked higher on Wednesday as the market recovered after two days of losses, with support from a U.S. crop tour forecasting lower yields. Wheat slid for a third consecutive session with ample world supplies weighing on prices. FUNDAMENTALS * A closely watched crop tour in the U.S. Midwest is forecasting lower corn yields than last year. * The Pro Farmer Midwest Crop Tour estimated Nebraska corn yields at 172.55 bushels per acre (bpa), down from 179.17 bpa in 2018 but up from the tour's three-year average of 167.73 bpa for the country's No. 3 corn state. * Indiana corn yields were projected lower than a year ago at 161.46 bushels per acre, the tour said. * The wheat market is facing headwinds from abundant global supplies. * Ukraine's 2019 wheat harvest is expected to rise to 27.72 million tonnes from 24.83 million tonnes last year, according to data from grain traders' union UZA. * Wheat exports could reach 21 million tonnes in the 2019/20 season, which started on July 1, compared with 15.53 million tonnes in 2018/19, the forecast data showed on Tuesday. * The U.S. Department of Agriculture this month trimmed its projection of 2019/20 world wheat ending stocks to 285.4 million tonnes, down from 286.46 million in July, but still at a record size. * Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Tuesday and net buyers of soybeans and soymeal futures, traders said. MARKET NEWS * Asian shares fell on Wednesday as fresh worries about a global recession led investors to dump risky assets, with U.S. President Donald Trump showing no signs of backing down in his trade war with China. DATA/EVENTS (GMT) 1400 US Existing Home Sales July 1800 US Federal Open Market Committee releases the minutes from its July 30-31 policy meeting Grains prices at 0121 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 465.75 -0.75 -0.16% -2.51% 498.15 27 CBOT corn 369.25 0.50 +0.14% -3.02% 415.51 27 CBOT soy 869.75 1.50 +0.17% -1.14% 891.67 45 CBOT rice 11.29 $0.01 +0.09% +0.80% $11.72 23 WTI crude 56.20 $0.07 +0.12% -0.02% $56.04 Currencies Euro/dlr $1.109 $0.002 +0.15% +0.04% USD/AUD 0.6781 0.002 +0.28% +0.01% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Richard Pullin)

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