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GRAINS-Soybean prices edge lower, set for biggest weekly slide in a year

SYDNEY, Aug 4 (Reuters) - U.S. soybean prices inched lower on Friday and were set for their biggest one-week fall in a year, pushed down by forecasts for beneficial crop weather.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were down nearly 5.5 percent for the week, on course for their largest weekly loss since July 2016. On Thursday, they hit their lowest since June 30 at $9.55-1/2 a bushel.

* The most active corn futures were down more than 2 percent for the week, in what would be their second straight weekly loss.

* The most active wheat futures were down nearly 5 percent on the week, the biggest seven-day loss since August last year.

* Soybean prices have been pressured by forecasts of showers in Iowa and Minnesota, the No.2 and No.3 soy-producing states. Soybeans this month are setting pods, the key stage for determining yields.

* Private analytics firm Informa Economics on Thursday pegged the U.S. corn yield at 165.9 bushels per acre (bpa), trade sources said, below the USDA's trend-based forecast of 170.7 bpa.

* The USDA reported export sales of U.S. wheat in the latest week at 145,500 tonnes, a marketing year low that fell below a range of trade expectations for 300,000 to 500,000 tonnes.

MARKET NEWS

* The dollar dropped against the euro on Thursday after softer-than-expected U.S. services sector data, then briefly fell more and hit a seven-week low against the yen after a report that a grand jury will investigate allegations of Russian meddling in the 2016 U.S. election.

* Oil prices fell on Thursday, as cautious buying dried up after U.S. crude rose to near $50 a barrel, with concern about high crude supplies from producer club OPEC offsetting the previous day's data showing record U.S. gasoline demand.

* The S&P 500 and the Nasdaq fell on Thursday, weighed down by Amazon.com, Apple and other top-shelf technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high.

DATA AHEAD (GMT)

0600 Germany Industrial orders Jun 1230 U.S. Nonfarm payrolls Jul 1230 U.S. Unemployment rate Jul 1230 U.S. International trade Jun

Grains prices at 0025 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 457.25 -0.50 -0.11% -0.76% 499.56 29 CBOT corn 378.50 0.75 +0.20% -0.13% 390.56 39 CBOT soy 958.00 -2.50 -0.26% -1.99% 986.93 34 CBOT rice 12.26 -$0.13 -1.01% -1.84% $12.00 55 WTI crude 49.04 $0.01 +0.02% -1.11% $46.56 61

Currencies

Euro/dlr $1.188 $0.002 +0.13% +0.24% USD/AUD 0.7958 0.001 +0.13% -0.05%

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)