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GRAINS-Wheat edges higher; poised for third straight weekly loss

SYDNEY, July 28 (Reuters) - U.S wheat edged higher on Friday but the grain was poised to record a weekly loss of more than 3.5 percent as fears of tighter global supplies from recent dry weather eased.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade down more than 3.5 percent for the week, the third straight weekly decline.

* The most active soybean futures down nearly 2 percent for the week, losing nearly all the gains from the previous week.

* The most active corn futures down more than 1.5 percent for the week after closing up 1 percent in the previous week.

* The 2017 U.S. hard red spring wheat crop was projected to yield 38.1 bushels per acre (bpa), scouts on the Wheat Quality Council's annual crop tour said on Thursday, down from the tour's 2016 forecast of 45.7 bpa and the tour's prior five-year average of 46.8 bpa.

* Corn and soybeans were threatened by forecasts for adverse weather across key growing regions.

MARKET NEWS

* The dollar stalled against its major peers on Friday, its mild bounce earlier petering out ahead of the second quarter U.S. economic growth data due later in the session.

* Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC's ongoing efforts to curb production to ease a global glut.

* A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon.

DATA (GMT)

0130 Australia PPI Q2 0530 France GDP (INSEE) Q2 0645 France Consumer spending (INSEE) June 0900 Euro Zone Economic sentiment July 1200 Germany CPI July 1230 U.S. GDP Q2 1230 U.S. Employment cost index Q2 1400 U.S. U Mich consumer sentiment July

Grains prices at 0130 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 480.50 0.75 +0.16% +0.58% 502.76 36 CBOT corn 386.75 -1.00 -0.26% +0.19% 393.12 45 CBOT soy 1004.50 -3.00 -0.30% +0.42% 979.93 48 CBOT rice 12.35 $0.04 +0.28% +0.61% $11.87 78 WTI crude 48.97 -$0.07 -0.14% +0.45% $45.55 74

Currencies

Euro/dlr $1.168 $0.000 -0.01% -0.49% USD/AUD 0.7957 -0.001 -0.08% -0.55%

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)