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GRAINS-Soybean prices rise, edge away from near 5-month low

SYDNEY, April 24 (Reuters) - U.S. soybean futures inched up on Wednesday to creep away from a near five-month low touched in the previous session, but gains were checked amid fears that an outbreak of African swine fever will hit Chinese demand. FUNDAMENTALS * The most active soybean futures on the Chicago Board of Trade were up 0.1 percent at $8.63 a bushel by 0050 GMT. They slumped 1.7 percent on Tuesday, after hitting their lowest since Nov. 27 at $8.60-3/4 a bushel earlier in the session. * The most active corn futures were up 0.1 percent at $3.60-1/2 a bushel, having slumped 3.3 percent in the previous session when prices hit their weakest since Sept 20 at $3.50-1/4 a bushel. * The most active wheat futures were little changed at $4.44-3/4 a bushel, having closed down 1.4 percent on Tuesday. * African swine fever, which is fatal to pigs but harmless in humans, has spread to every province on the Chinese mainland since its initial detection in August 2018, raising concern about a drop in Chinese demand for feedstuffs including soy and corn. * The U.S. Department of Agriculture has projected that U.S. soybean stocks at the end of the 2018/19 marketing year will reach 895 million bushels, more than double the previous year. * The USDA on Monday rated 62 percent of the U.S. winter wheat crop in good-to-excellent condition, up from 60 percent a week earlier. MARKET NEWS * The dollar hovered near a 22-month high against its peers on Wednesday, after strong U.S. housing data further eased concerns of a slowdown in the world's biggest economy. * Oil prices marked their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting any shortfall following a U.S. decision to end waivers for buyers of Iranian crude. * The S&P 500 index and the Nasdaq registered record closing highs after a broad-based rally on Tuesday. DATA/EVENTS (GMT) 0130 Australia CPI QQ YY Q1 0130 Australia RBA Weightd Medn CPI QQ YY Q1 0130 Australia Trimmed Mean CPI QQ YY Q1 0645 France Business Climate Mfg April 0800 Germany Ifo Business Climate New April Grains prices at 0050 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 444.75 -0.25 -0.06% +0.68% 464.55 29 CBOT corn 360.50 0.25 +0.07% -0.89% 374.08 26 CBOT soy 863.00 1.00 +0.12% -1.60% 894.84 22 CBOT rice 10.24 $0.01 +0.10% -2.06% $10.68 33 WTI crude 65.97 -$0.33 -0.50% +0.41% $61.85 72 Currencies Euro/dlr $1.122 -$0.001 -0.08% -0.35% USD/AUD 0.7095 -0.001 -0.08% -0.53% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Joseph Radford)

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