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GRAINS-Soybeans edge lower, linger near 7-month high on dry weather forecast

SYDNEY, Aug 18 (Reuters) - U.S. soybean futures edged lower on Tuesday, though prices lingered near a seven-month high as concerns over dry weather supported prices.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were down 0.1% at $9.14-1/2 a bushel after closing up 1.8% on Monday when prices their highest since Jan 22.

* The most active corn futures were down 0.2% at $3.44 a bushel after jumping 2% on Monday when prices hit a July 10 high of $3.45 a bushel.

* The most active wheat futures were down 0.2% at $5.15-1/4 a bushel, having closed up 3.3% on Monday.

* The U.S. Department of Agriculture on Monday said 69% of the U.S. corn crop is in good-to-excellent condition in its weekly crop progress report, down two percentage points from a week ago but just above an average of trade expectations.

* Soybean ratings were at 72% good to excellent, down 2 points from the previous week and in line with trade expectations.

MARKET NEWS

* The dollar teetered near milestone lows on Tuesday, after a triple blow of retreating yields, soft U.S. economic data and a dip in safe-haven demand exerted broad selling pressure.

* Oil prices edged lower on Tuesday, mostly holding onto overnight gains after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.

* Asian equities were poised to track Wall Street’s tech fuelled rally on Tuesday that saw the Nasdaq benchmark hit a fresh record while oil prices perked up on Chinese demand and hopes Sino-U.S. trade tensions were easing. (Reporting by Colin Packham; Editing by Shailesh Kuber)

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