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331985

GRAINS-Corn near 1-week high on U.S. weather; wheat up for 3rd session

SINGAPORE, Aug 10 (Reuters) - Chicago corn futures ticked higher on Wednesday to trade near a one-week high touched in the previous session, as concerns over hot and dry weather in parts of the U.S. Midwest supported the market.

Wheat rose for a third consecutive session, although hopes of more grains exports from Ukraine limited gains.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) rose quarter of a cent to $6.14-1/4 a bushel, as of 0028 GMT, and soybeans slid 0.1% to $14.27-1/2 a bushel.

* Wheat added 0.5% to $7.85-3/4 a bushel.

* U.S. weather and crop conditions are a primary concern for the market after the U.S. Department of Agriculture (USDA) lowered its weekly soybean condition rating and cut its corn rating by more than expected.

* The agency said 58% of U.S. corn was in good-to-excellent condition, as of Sunday, down 3 points from a week earlier and below the average trade estimate of 60%. Soybeans were rated 59% good-to-excellent, in line with estimates, but down a point from a week earlier.

* Parts of the Midwest received rain recently, but hot weather forecast for the region this week is expected to continue stressing crops.

* The market is awaiting the USDA's monthly supply and demand forecasts due on Friday.

* Progress in releasing vessels stuck at Ukrainian ports, as well as expectations of a record Russian harvest, continued to curb gains in wheat prices.

* Two more grain ships left Ukraine's Black Sea ports on Tuesday, bringing the total to depart from the war-torn country under a safe passage deal to 12.

* Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Tuesday and net even in soyoil, traders said.

MARKET NEWS

* Shares slipped and the dollar hung off recent highs on Tuesday as investors eyed U.S. inflation data due a day later that will likely yield clues to any further aggressive Federal Reserve rate hikes.

DATA/EVENTS (GMT, July) 0130 China PPI, CPI YY 0600 Germany HICP Final YY 1230 US CPI MM, SA 1230 US CPI Wage Earner (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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