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GRAINS-Prices slip to one-week lows on firm dollar, advancing U.S. harvest

    * U.S. corn, soybean harvest counters support from China demand
    * Two-month top for dollar also clouds U.S. export outlook
    * Traders assess coronavirus fallout, South America crops

 (Updates with European trading, changes byline/dateline)
    By Gus Trompiz and Naveen Thukral
    PARIS/SINGAPORE, Sept 24 (Reuters) - Chicago grain futures eased to one-week
lows on Thursday as strength in the dollar and advancing U.S. corn and soybean
harvests pushed prices away from recent highs fuelled by Chinese demand.
    "A stronger U.S. dollar is not helping, but we also suspect the market is
fatigued after such a strong rally from mid-August," said Tobin Gorey, director
of agricultural strategy at Commonwealth Bank of Australia.
    A flurry of export sales to China, together with concern over weather damage
to U.S. corn and soybean crops, had fanned a rally in Chicago prices, with
soybeans reaching a two-year high, corn a six-month peak and wheat a five-month
top.
    But the start of U.S. corn and soybean harvesting, with favourable weather
expected for field work in the coming days, encouraged prices to ease.
    The dollar, which hit a two-month high against a basket of currencies on
Thursday, also weighed on U.S. grains, particularly U.S. wheat, which has
struggled to compete overseas against Russian supplies.
    The dollar's strength was linked to worries about further economic fallout
from a coronavirus epidemic that has accelerated again in Europe.
    "Soybeans are reflecting the concerns that demand could suffer again from
the pandemic," a European trader said.
    The most-active soybean contract on the Chicago Board Of Trade (CBOT)
was down 1.2% at $10.02 a bushel by 0958 GMT, as it approached the psychological
$10 chart level.
    CBOT corn fell 1.49% to $3.63-1/4 a bushel and wheat was down
1.1% at $5.43-1/4 a bushel.   
    All three crops struck one-week lows earlier in the session. 
    However, strong demand from China helped limit declines.
    The U.S. Department of Agriculture (USDA) has reported soybean sales to
China in each of the past 14 trading days.
    Traders are also turning their attention to South American harvest
prospects.
    Argentina's upcoming soybean and corn crops will be smaller than last
season's due to dry weather and capital controls, the Buenos Aires Grains
Exchange said.
    
    
 Prices at 0958 GMT                                                    
                                   Last  Change    Pct     End  Ytd Pct
                                                  Move    2019     Move
  CBOT wheat                     543.25   -5.75  -1.05  558.75    -2.77
  CBOT corn                      363.25   -5.25  -1.42  387.75    -6.32
  CBOT soy                      1002.00  -12.50  -1.23  955.50     4.87
  Paris wheat December           192.50   -1.50  -0.77  188.75     1.99
  Paris maize Nov                171.75   -0.25  -0.15  174.75    -1.72
  Paris rape Nov                 383.75   -2.50  -0.65  391.50    -1.98
  WTI crude oil                   39.82   -0.11  -0.28   61.06   -34.79
  Euro/dlr                         1.16    0.00  -0.18  1.1210     3.82
 Most active contracts - Wheat, corn and soy US cents/bushel, Paris
 futures in euros per tonne
 
    

 (Reporting by Gus Trompiz; Editing by Mark Potter)
  
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