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GRAINS-Corn edges lower, set for weekly gains of nearly 4 pct

SYDNEY, July 21 (Reuters) - U.S. corn edged lower for the first time in four sessions on Friday, but was still poised to post weekly gains of nearly 4 percent as concerns about potential crop losses from adverse weather support prices.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up nearly 4 percent for the week, recouping all of the losses from the previous week.

* The most active soybean futures were up 2.5 percent for the week after posting weekly losses of 1.4 percent in the previous week.

* The most active wheat futures were down nearly 1 percent for the week, after falling 4.5 percent last week.

* Corn supported as weather models point to continued dry weather, threatening crops that are entering a key pollination phase of development.

* Corn crop condition ratings declined earlier this week in top-producing states of Iowa, Illinois and Nebraska, and extended outlooks for limited rainfall were seen as threatening.

* The U.S. Department of Agriculture early on Thursday reported weekly wheat export sales of 669,500 tonnes, well above trade forecasts that ranged from 250,000 to 450,000 tonnes.

MARKET NEWS

* The dollar headed for weekly losses on Friday, wallowing at its lowest levels against the euro in nearly two years after European Central Bank chief Mario Draghi said policymakers would discuss changing its bond-buying programme in the autumn.

* Oil settled lower on Thursday in choppy trading, as nagging worries about abundant global crude supplies sank prices after an early rally boosted Brent above $50 per barrel for the first time since June 7.

* Stocks ended little changed on Wall Street on Thursday as a deal between Sears and Amazon weighed on home improvement retailers while gains in Microsoft helped buoy the Nasdaq.

DATA (GMT)

1430 U.S. ECRI weekly index

Grains prices at 0056 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 507.00 1.25 +0.25% +0.80% 499.63 52 CBOT corn 404.25 -0.50 -0.12% +2.02% 396.23 63 CBOT soy 1027.00 0.00 +0.00% +1.43% 970.18 67 CBOT rice 12.01 $0.01 +0.04% +1.18% $11.76 70 WTI crude 46.98 $0.06 +0.13% -0.30% $45.14 61

Currencies

Euro/dlr $1.162 -$0.001 -0.08% +0.92% USD/AUD 0.7937 -0.002 -0.25% -0.15%

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

(Reporting by Colin Packham; Editing by Richard Pullin)