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GRAINS-Soybeans inches lower for third straight day on supply glut worries

SYDNEY, Sept 23 (Reuters) - U.S. soybean futures edged lower for a third straight session on Wednesday as a pick up in harvesting by local farmers raised oversupply concerns, though strong Chinese demand kept losses in check.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $10.19-1/4 a bushel by 0232 GMT, after firming 0.3% on Tuesday.

* The most active corn futures were down 0.3% at $3.68-1/2 a bushel, after closing little changed in the previous session.

* The most active wheat futures were down 0.3% at$3.68-1/4 a bushel. It closed up 0.6% on Tuesday.

* The United States Department of Agriculture (USDA) said late on Monday that U.S. farmers had completed 6% of the soybean harvest and that the corn harvest was 8% complete.

* The USDA confirmed sales of 266,000 tonnes of U.S. soybeans to China and 264,000 tonnes to unknown destinations, marking the 13th consecutive business day of sales to China.

* The USDA also reported sales of U.S. corn to China and unknown destinations.

MARKET NEWS

* The U.S. dollar held onto gains against major currencies on Wednesday, supported by positive U.S. economic data and concerns about a second wave of coronavirus infections in Europe and Britain.

* Oil prices fell after an industry group reported a rise in U.S. crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week.

* Asian stocks were set to open higher after tech-fueled Wall Street gains although focus is shifting to renewed U.S.-Sino tensions, which could weigh on investor sentiment.

Reporting by Colin Packham; Editing by Rashmi Aich

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