CANBERRA, April 29 (Reuters) - U.S. corn futures edged higher on Thursday, rebounding from losses of over 1.5% in the previous session, as concerns about global supplies amid recent adverse weather in major producing regions underpinned prices.
FUNDAMENTALS
** The most-active corn futures on the Chicago Board of Trade were up 0.1% at $6.44-3/4 a bushel by 0124 GMT, having closed 1.6% lower on Wednesday.
* Corn hit a near 8-year high of $6.84 a bushel earlier in the week.
* Soybean futures were up 0.4% at $15.20 a bushel, having closed 0.4% lower on Wednesday.
* Wheat futures rose 0.1% to $7.23-1/4 a bushel, having closed 1.4% lower on Wednesday.
* Southern Brazil is forecast to stay dry into early May, but an expected warming of temperatures along with showers in the U.S. Midwest could help planting and early crop development.
* U.S.-based meat processor Perdue is shipping one cargo of 31,450 tonnes of Brazilian supplies into the United States, according to shipping data.
MARKET NEWS
* The dollar was on the defensive near nine-week lows on Thursday as a decidedly dovish outlook from the U.S. Federal Reserve gave a green light for global reflation trade.
* Crude prices rose over 1% on Wednesday, after U.S. distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world's top oil consumer.
* World shares stayed close to record highs while the dollar and Treasury yields slipped after the Federal Reserve held interest rates and its monthly bond-buying program steady, giving no sign it was ready to reduce its support for the U.S economy.
(Reporting by Colin Packham; Editing by Krishna Chandra Eluri)
