Feb 8 (Reuters) - Chicago soybean, wheat and corn futures edged higher in early Asian trading on Wednesday ahead of the U.S. government's key monthly reports on global supply and demand, with traders monitoring the harvest progress in drought-hit Argentina.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $15.18 a bushel, as of 0157 GMT.
* Wheat gained 0.1% to $7.50-3/4 a bushel and corn edged up 0.1% to $6.74-1/2 a bushel.
* The U.S. Department of Agriculture will provide a fresh update on its view of the damage done to harvest prospects in its World Agricultural Supply and Demand Estimates report on Wednesday.
* Soft wheat exports from the European Union in the 2022/23 season that started in July had reached 19.05 million tonnes by Feb. 5, up nearly 7% from 17.85 million by the same week in 2021/22, data published by the European Commission showed.
* Algeria's state grains agency OAIC started buying milling wheat in a tender on Tuesday, with prices indicating that the wheat could be sourced from the west EU, east EU/Black Sea region and Russia, traders said.
* Jordan's state grain buyer is believed to have made no purchase in an international tender to buy 120,000 tonnes of milling wheat.
* Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts on Tuesday, traders said. The funds were net buyers of soyoil and even in wheat, they said.
MARKET NEWS
* Global equities rose and the dollar fell, reversing earlier moves, as the market perceived comments by the Federal Reserve chair to be dovish, even after he reiterated fighting inflation will require higher interest rates and more time. (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)
