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GRAINS-Corn falls from 14-month high as market awaits fresh Chinese orders

SYDNEY, Oct 28 (Reuters) - U.S. corn futures fell on Wednesday as traders locked in profits after prices hit a 14-month peak in the previous session, although losses were checked by strong recent demand from China.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.4% at $4.15 a bushel by 0155 GMT, near the session trough of $4.12-1/4 a bushel - the lowest since Oct 22.

* Corn closed down 0.4% in the previous session, when prices earlier hit a 14-month high of $4.22-1/4 a bushel.

* The most active soybean futures were up 0.3% at $10.73-1/2 a bushel, having closed down 1% on Tuesday.

* The most active wheat futures were down 0.7% at $6.11-1/2 a bushel, having closed down 0.7% on Tuesday.

* The market is waiting to see whether China will buy more U.S. corn and soy after a recent uptick in purchases.

* Brazilian soybean farmers have planted 23% of the estimated 2020/2021 crop through Thursday of last week, as rains permitted sowing to progress after a drought that delayed work earlier in the season, agribusiness consultancy AgRural said on Monday. [nL1N2HH0XW

* Weather conditions have improved for Russia’s 2021 grain crop after it rained in several regions last week, Sovecon, a leading agriculture consultancy in Moscow, said in a note on Monday.

MARKET NEWS

* The euro fell against the dollar after a media report that France’s government is leaning toward reinstating a national lockdown to curb a resurgence in coronavirus infections.

* Oil prices slid more than 1%, paring the previous day’s gains, as a jump in U.S. crude inventories and surging COVID-19 cases raised fears of an oversupply of oil and weak fuel demand.

* Asian markets looked set for another weaker open as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy.

Reporting by Colin Packham; Editing by Aditya Soni

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