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GRAINS-Soybeans hit 1-week low as U.S. harvest swells supplies

SYDNEY, Sept 24 (Reuters) - U.S. soybean futures edged lower for a third consecutive session on Thursday to hit a one-week low, as advancing harvest in the region added to ample supplies, though losses were checked by strong demand from China.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.6% at $10.08-3/4 a bushel by 0119 GMT, near the session low of $10.05-3/4 a bushel - the lowest since Sep 17. Soybeans ended down 0.6% on Wednesday.

* The most active corn futures were down 0.6% at $3.66-3/4 a bushel, after closing 0.2% lower in the previous session.

* The most active wheat futures were down 1.2% at $5.42-1/4 a bushel, after falling 1.6% on Wednesday.

* The United States Department of Agriculture (USDA) on Wednesday morning confirmed private sales of another 132,000 tonnes of soybeans to China as well as 126,000 tonnes of soybeans to unknown destinations. It was the fourteenth trading day in a row that the government has announced a soybean sale to China.

MARKET NEWS

* The dollar extended gains against most currencies on Thursday as signs of economic slowdown in Europe and the United States renewed concern about a second wave of coronavirus infections.

* Oil edged lower in volatile trading, posting a second consecutive weekly loss as caution about Europe’s debt crisis and year-end positioning continued to spark selling into rallies.

* Asian stocks opened lower, tracking a sharply lower Wall Street session amid fresh concerns that the global economic recovery is running out of steam.

Reporting by Colin Packham; Editing by Rashmi Aich

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