GRAINS-Corn holds near 3-year low on hopes for bumper crop
SINGAPORE, Aug 2 (Reuters) - U.S. corn futures were trading near their lowest since late 2010 on Friday and were on track for a third weekly fall in a row as favourable weather boosted expectations for a bumper crop. Wheat was steady but is on course for a weekly gain after a two-week drop while new-crop soybeans were headed for a second straight week of decline.
* Chicago Board of Trade front-month September corn was little changed at $4.88-3/4 a bushel by 0112 GMT. It touched $4.86-1/2 on Thursday, its lowest since October 2010. New-crop CBOT corn for December delivery was up 0.3 percent at $4.68-1/4. Both contracts are down for the week.
* CBOT September wheat was up 0.2 percent at $6.59-1/2 a bushel after falling on Thursday for the first time in five sessions. For the week, it has gained 1.3 percent.
* Weather forecasters expect between 0.5 to 1.5 inches of rain during the next three days to much of eastern Nebraska and southwestern Iowa, and with temperatures cooler than usual across the Corn Belt that reduces stress on the corn as it finishes pollination.
* The International Grains Council raised its forecast for 2013/14 global wheat production by 4 million tonnes to 687 million, reflecting upward revisions to crop outlooks for the United States, European Union and India.
* Japan bought nearly 90,000 tonnes of U.S. western white wheat in a tender on Thursday, marking the first purchase of the variety by its top buyer after the discovery of a genetically modified version of the grain in Oregon.
* The U.S. dollar held onto overnight gains on Friday, having posted its biggest one-day rally in a month after a batch of upbeat economic data supported the Federal Reserve's plan to start reducing stimulus this year.
* Asian shares advanced after brisk U.S. factory activity data and a commitment to easy monetary policy by European central banks and the Federal Reserve buoyed Wall Street to record highs overnight.
DATA/EVENTS (GMT) 0900 Euro zone Producer prices
1230 U.S. Unemployment rate 1230 U.S. Non-farm payrolls 1230 U.S. Personal income 1345 U.S. ISM-New York business index 1400 U.S. Factory orders
Grains prices at 0112 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 659.50 1.50 +0.23% -0.72% 666.59 45 CBOT corn 468.25 1.25 +0.27% -2.24% 504.00 26 CBOT soy 1198.25 5.75 +0.48% -0.66% 1253.53 34 CBOT rice $15.86 $0.00 +0.00% -0.41% $15.50 60 WTI crude $108.26 $0.37 +0.34% +3.08% $103.09 69
Euro/dlr $1.320 -$0.001 -0.07% -0.77% USD/AUD 0.892 -0.001 -0.07% -0.70%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
(Reporting by Manolo Serapio Jr.; Editing by Ed Davies)