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GRAINS-Soybeans linger near 7-month high on worries over likely drop in harvest

SYDNEY, Aug 20 (Reuters) - U.S. soybean futures edged higher on Thursday, hovering around a near seven-month high hit in the previous session, on concerns that adverse weather would reduce yields.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $9.15 a bushel by 0112 GMT, having closed little changed on Wednesday after earlier hitting a Jan. 22 high of $9.19-1/2 a bushel.

* The most active corn futures were up 0.2% at $3.39-1/4 a bushel, after closing down 0.6% in the previous session.

* The most active wheat futures were down 0.1% at $5.21-1/2 a bushel, after ending up 0.9% on Wednesday.

* Exporters reported selling 192,000 tonnes of U.S. soybeans for delivery to China during the 2020/2021 marketing year, the U.S. Department of Agriculture said on Wednesday, after the White House chief of staff said there were no new trade talks scheduled with China.

* Crop tour scouts observed strong corn yield prospects in Ohio and South Dakota and above-average crop potential in Nebraska and Indiana, shifting attention back to the potential for a bumper crop.

* Storm damage in top corn-growing state Iowa last week threatened harvest prospects.

MARKET NEWS

* The dollar clung to overnight gains on Thursday, after minutes from last month’s U.S. Federal Reserve meeting gave few clues about whether an even more dovish shift in its policy framework is possible in the autumn, disappointing some dollar bears.

* Oil prices dropped after U.S. crude inventories dropped less than expected and major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged.

* Asian equities were set to follow Wall Street’s late session retreat, after the Federal Reserve warned the U.S. economy faced a highly uncertain path to recovery from the coronavirus-induced downturn. (Reporting by Colin Packham; Editing by Rashmi Aich)

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