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GRAINS-Soybeans firm, set for biggest weekly gain in two months

SYDNEY, Sept 8 (Reuters) - U.S. soybeans edged higher on Friday, poised to record its biggest weekly gain in two months as concerns about potential damage from Hurricane Irma pushed kept prices near a one-month high.

FUNDAMENTALS

* The most active soybean futures contract on the Chicago Board Of Trade was up more than 2 percent for the week, the biggest weekly gain in two months.

* Soybeans on Thursday hit a high of $9.77-1/2 a bushel, the highest since Aug. 10.

* The most active corn contract was little changed for the week after posting a 0.5 percent gain in the previous week.

* The most active wheat futures were little changed for the week after rising 0.8 percent last week.

* Concerns that Hurricane Irma will cut production in southern states such as Georgia and North Carolina supported soybeans.

* Corn came under pressure amid expectations of a bumper U.S. harvest.

* Hurricane Irma may slow exports of U.S. wheat.

MARKET NEWS

* The euro hovered below a 2-1/2-year high versus the dollar on Friday, as a policy meeting by the European Central Bank did little to support the beleaguered U.S. currency.

* 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.

* Wall Street ended little changed on Thursday after a moderate late-day rally as media stocks, which slumped on negative business updates from Walt Disney and Comcast, were offset by gains in healthcare shares.

DATA AHEAD (GMT)

China Trade balance Aug 0600 Germany Trade balance Aug 0645 France Industrial output Jul 0830 Britain Industrial output Jul 1400 U.S. Wholesale sales Jul

Grains prices at 0115 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 438.75 1.50 +0.34% -1.57% 456.16 47 CBOT corn 356.25 1.00 +0.28% -1.32% 366.95 46 CBOT soy 971.75 3.00 +0.31% +0.08% 954.53 65 CBOT rice 12.66 -$0.03 -0.28% -0.51% $12.62 53 WTI crude 49.12 $0.03 +0.06% -0.08% $48.28 63

Currencies

Euro/dlr $1.203 $0.001 +0.08% +0.97% USD/AUD 0.8055 0.001 +0.11% +0.70%

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)