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GRAINS-Soybean prices edge up, set for biggest weekly fall in 6 mths

SYDNEY, June 23 (Reuters) - U.S. soybean prices edged up on Friday but were still near a 17-month low touched the session before, with forecasts for favourable crop weather pushing the oilseed towards its biggest weekly fall in six months.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade are down nearly 3.5 percent for the week, in what would be their biggest weekly slide since Dec. 23.

* Soybeans hit a low of $9.03 a bushel - their weakest since April, 2016.

* The most active corn futures are down 0.1 percent for the week, set for their fifth straight weekly slide.

* The most active wheat futures are little changed for the week, after two straight weekly declines.

* Weekly U.S. export sales of soy, corn and wheat were generally in line with estimates, or worse.

* Corn and soybean prices were weighed down as more mild temperatures moved into the U.S. Midwest crop belt.

* Rainfall was forecast in the coming days in the northern U.S. Plains, while in France the extent of damage from extreme heat was unclear.

MARKET NEWS

* The euro got off to an unusually quiet start in Asia on Monday, having posted its worst weekly performance in three months, as investors await more developments and ratings downgrades from Europe.

* Oil edged lower in volatile trading on Friday, posting a second consecutive weekly loss as caution about Europe's debt crisis and year-end positioning continued to spark selling into rallies.

* A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Friday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe's debt crisis will engulf world economies.

DATA AHEAD (GMT)

0645 France Final GDP Q1 0700 France Markit manufacturing flash PMI Jun 0730 Germany Markit manufacturing flash PMI Jun 0800 Euro zone Markit manufacturing flash PMI Jun 1345 U.S. Markit manufacturing flash PMI Jun 1400 U.S. New home sales May

Grains prices at 0112 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 461.25 0.00 +0.00% +8.21% 413.29 61 CBOT corn 362.75 0.00 +0.00% +1.26% 355.76 30 CBOT soy 907.50 3.50 +0.39% -12.76% 1021.78 27 CBOT rice 11.13 $0.02 +0.18% +11.47% $9.83 45 WTI crude 42.89 $0.15 +0.35% -19.09% $52.04 26

Currencies

Euro/dlr $1.115 $0.055 +5.16% +4.76% USD/AUD 0.7544 0.007 +0.92% +0.60%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; Editing by Joseph Radford)