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GRAINS-Chicago wheat rises on short-covering after falling on expanded harvest

BEIJING, June 28 (Reuters) - Chicago wheat futures rose on Tuesday on short covering, after falling to a four-month low in the previous session as ongoing winter harvest was ahead of expectations. Corn and soybeans both edged up. FUNDAMENTALS * The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.65% to $9.23-1/2 a bushel. The market fell to its lowest since February on Monday, pressured by the expanding harvest of winter wheat in the Northern Hemisphere and a lack of demand for U.S. supplies. * Corn Cv1 climbed 0.24% to $7.46 a bushel and soybeans Sv1 edged up 0.37% to $14.38 a bushel. * The U.S. Department of Agriculture (USDA) cut its rating of the country's corn crop in good-to-excellent shape to 67% in its weekly crop progress report, down 3 percentage points from a week ago. Its U.S. soybean crop rating also fell by 3 percentage points to 65% good to excellent, according to the report. * The U.S. Food and Drug Administration concluded a review of Argentine biotechnology firm Bioceres' BIOX.BA genetically modified (GMO) wheat without further questions, a "key step" to commercializing it in the United States, the company said on Monday. * The USDA said the U.S. winter wheat harvest was 41% complete, more than trade expectations and ahead of the five-year average of 35%. * Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), announced on Monday that it is seeking an unspecified amount of wheat in an international tender. * Commodity funds were net sellers of Chicago Board of Trade corn and wheat futures contracts on Monday, and net buyers of soybean, soymeal and soyoil futures, traders said. COMFUND/CBT MARKET NEWS * U.S. stocks ended a volatile trading session slightly lower on Monday after posting sharp gains the week before, while oil prices and Treasury yields rose. MKTS/GLOB DATA/EVENTS (GMT) 1400 US Consumer Confidence June (Reporting by Hallie Gu and Dominique Patton; Editing by Rashmi Aich) ((Hallie.Gu@thomsonreuters.com; +86 10 56692120; Reuters Messaging: hallie.gu.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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