SYDNEY, Oct 11 (Reuters) - U.S. wheat rose for a second consecutive session on Tuesday to hit a five-day high, with prices supported as traders exited record short positions. FUNDAMENTALS * The most active wheat futures on the Chicago Board of Trade climbed 0.37 percent to $4.05-1/4 a bushel. That was near their session-peak of $4.05-3/4 a bushel - the highest since Oct. 6. Wheat closed up 2.3 percent on Monday. * The most active soybean futures fell 0.1 percent to $9.53-1/2 a bushel, having closed down 0.24 percent on Wednesday. * The most active corn futures rose 0.15 percent to $3.43-3/4, having gained 1 percent in the previous session. * As of Oct. 4, commodity funds held their largest net short position in CBOT wheat on record, weekly data released on Friday from the U.S. Commodity Futures Trading Commission showed, leaving the market vulnerable to short-covering rallies. * The U.S. Department of Agriculture is expected on Wednesday to trim its estimate of the U.S. corn yield in its monthly supply/demand reports. * Analysts expect the USDA on Wednesday to raise its forecast of the U.S. soybean yield, which the government has already projected at a record-high 50.6 bushels per acre. * Soybeans came under pressure following an active harvest weekend in the U.S. Midwest. MARKET NEWS * The dollar firmed in early Asian trading on Tuesday, while recently beleaguered sterling held close to recent lows on continuing fears about the likely impact on Britain from exiting the European Union. * Oil prices edged down early on Tuesday but held near one-year highs touched on growing expectations of an output cut by OPEC producers, and traders said the price outlook remains bullish as confidence in crude markets rises. * U.S. stocks rose on Monday as energy shares gained with oil prices and as Apple jumped due to rival Samsung Electronics' worsening smartphone recall crisis. DATA AHEAD (GMT) 0900 Euro zone Labour costs Q2 1230 U.S. Consumer prices Aug 1400 U.S. Univ of Michigan sentiment index Sep 1530 U.S. Cleveland Fed CPI Aug Grains prices at 0110 GMT Cont Last Chan Pct Two- MA RSI ract ge chg day 30 chg CBOT 405. 1.50 +0.3 +2.4 400. 61 whea 25 7% 0% 74 t CBOT 343. 0.50 +0.1 +0.9 334. 63 corn 75 5% 5% 23 CBOT 953. -1.0 -0.1 -0.5 959. 44 soy 50 0 0% 2% 76 CBOT 10.2 $0.0 +0.2 +1.4 $9.7 81 rice 6 3 4% 8% 6 WTI 51.2 -$0. -0.2 +2.7 $46. 72 crud 0 15 9% 9% 36 e Curr enci es Euro $1.1 -$0. -0.6 -0.1 /dlr 13 007 2% 7% USD/ 0.75 0.00 +0.1 +0.0 AUD 87 1 6% 7% Most active contracts Wheat, corn and soy US cents/bus hel. Rice: USD per hundredwe ight RSI 14, exponenti al (Reporting by Colin Packham; Editing by Joseph Radford)
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