SYDNEY, May 7 (Reuters) – U.S. wheat futures dipped from a 13-month high on Wednesday, but losses were capped by concerns that U.S. output will be curbed by hot weather across the southern Plains and heightened tensions in Ukraine.
FUNDAMENTALS
* Chicago Board Of Trade July wheat, the most actively traded contract, fell 0.5 percent to $7.35-1/2 a bushel, having closed up 1.3 percent on Tuesday when the grain hit a high of $7.44 a bushel, the highest since June 2013.
* Front-month wheat fell 0.3 percent to $7.29-3/4 a bushel, having closed up 1.4 percent in the previous session when prices touched a 13-month high.
Read Also

U.S. tariffs looming large over canola market
U.S. tariffs are one market headwind facing Canadian canola prices, but Chinese levies are another wrinkle coming down the pipe for farmers.
* July soybeans fell 0.5 percent to $14.52-1/4 a bushel, having slid 0.3 percent on Tuesday.
* July corn fell 0.3 percent to $5.16 a bushel, having risen 1.9 percent in the previous session.
* Temperatures in parts of the southern Plains topped 100 degrees Fahrenheit (38 Celsius) on Monday, and unseasonably high temperatures and high winds persisted on Tuesday.
* The U.S. Department of Agriculture late Monday said 31 percent of the U.S. winter wheat crop was in good to excellent condition, down from 33 percent a week earlier.
* Wheat also drawing support from rising fears that Ukraine exports could be curbed as the country slides closer towards war.
* The USDA late Monday said the U.S. corn crop was 29 percent seeded, lagging the five-year average of 42 percent and behind an average of trade estimates for 33 percent.
MARKET NEWS
* The dollar was subdued in Asia on Tuesday, holding largely around where it began this week after an aimless session overnight with holidays in Japan and Britain crimping activity in markets.
* U.S. crude futures settled nearly unchanged on Tuesday, but later rose in post-settlement trade after industry group the American Petroleum Institute reported that crude stocks decreased last week, defying analysts’ expectations for a build.
* U.S. stocks fell broadly on Tuesday, closing at session lows, with AIG pulling financial shares lower after disappointing earnings and as a slide in Twitter took down other names in the technology and internet space.
DATA/EVENTS (GMT) 0145 China HSBC services PMI April 1430 U.S. EIA weekly crude stocks Weekly Grains prices at 0042 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 735.50 -3.50 -0.47% +0.89% 698.26 68 CBOT corn 516.00 -1.50 -0.29% +1.57% 506.65 59 CBOT soy 1452.25 -7.25 -0.50% -0.75% 1469.95 35 CBOT rice $15.56 $0.00 +0.00% +0.42% $15.52 59 WTI crude $99.85 $0.35 +0.35% +0.37% $101.52 38 Currencies Euro/dlr $1.393 $0.000 +0.03% +0.41% USD/AUD 0.935 0.000 +0.01% +0.85% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweightRSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)