GRAINS-Corn near 6-week high, soybeans firm as US crop ratings slip

SINGAPORE, Sept 3 (Reuters) - Chicago corn gained more ground on Wednesday, climbing to its highest since late July, while soybean edged higher as a decline U.S. crop rating of both crops underpinned prices.

Wheat edged higher, although ample global supplies of the grain kept a lid on the market.

FUNDAMENTALS

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 rose 0.1% to $4.23-1/4 a bushel, as of 0016 GMT, after climbing to its highest since July 22 at $4.24 a bushel earlier in the session.

Soybeans Sv1 added 0.4% to $10.44-3/4 a bushel and wheat Wv1 gained 0.1% at $5.29 a bushel.

The U.S. Department of Agriculture lowered its condition ratings for the nation's corn and soybean crops in a weekly report on Tuesday, though autumn harvests were still projected to be large.

The agency rated 69% of the corn crop in good or excellent shape as of Sunday, down from 71% a week earlier but in line with analyst estimates. The soybean crop rating slipped to 65% good to excellent from 69% a week earlier and below analyst expectations.

Strong export demand is providing additional support to the corn market, but a lack of new-crop soybean purchases by China is keeping soybean futures under pressure.

Beijing's hosting this week of non-Western leaders, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, has underscored its geopolitical opposition to the United States.

Commodity funds were net buyers of CBOT corn and soyoil futures contracts on Tuesday and net sellers of soybeans, soymeal and wheat, traders said. COMFUND/CBT

MARKET NEWS

Global stocks fell and long-dated bond yields in Europe hit multiyear highs on Tuesday as investors grew increasingly worried about the state of finances in countries around the world, while the dollar gained, and gold touched a fresh record high. MKTS/GLOB

DATA/EVENTS (GMT)

0030 Japan S&P Global Comp Op Final SA Sep

0030 Japan S&P Global SVC PMI Final SA Sep

0145 China RatingDog Services PMI Aug

0750 France HCOB - Services, Composite PMI Sep

0755 Germany HCOB Services, Composite Final PMI Sep

0800 EU HCOB Services, Composite Final PMI Sep

0830 UK S&P GLOBAL PMI: COMPOSITE - OUTPUT Aug

0830 UK Reserve Assets Total Aug

1400 US Factory Orders MM Jul