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GRAINS-Soybeans slip, but set to post monthly gain of 1.5 pct

SYDNEY, Sept 29 (Reuters) - U.S. soybeans edged lower on Friday, but were poised to finish the month higher by 1.5 percent on the back of strong Chinese demand.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade had gained 1.5 percent this month as of Thursday's close, recouping some of the 6 percent loss from the previous month.

* The most active corn has been down nearly 2 percent for the month, extending losses into a second straight month.

* The most active wheat has gained about 5 percent so far in September, the first monthly gain in three.

* The USDA reported the third-largest weekly soybean export sales total on record, at just over 3.1 million tonnes for old- and new-crop marketing years combined.

* Of the total, 1.4 million tonnes of soybeans were earmarked for China, the world's top buyer.

* The USDA will issue the small grains report on Friday. Analysts surveyed by Reuters on average expect the government to lower its estimate of U.S. 2017 wheat production.

* For corn, analysts expect the USDA to report U.S. Sept. 1 corn stocks at 2.353 billion bushels, which would be the largest since 1988.

MARKET NEWS

* The dollar slipped against a basket of currencies on Thursday, snapping a three-day winning streak, as investors looked to take profits on the greenback's rally this week ahead of the end of the quarter.

* Oil prices slipped on Thursday, further backing off from 2015 peaks hit earlier in the week as tension around northern Iraq following the Kurdistan region's vote in favor of independence spurred fresh supply concerns.

* Wall Street edged higher on Thursday, as the S&P 500 eked out a record on gains in McDonald's and healthcare names, while investors continued to hope President Donald Trump will be able to make progress on tax reform.

DATA (GMT)

0830 U.K. GDP Q2 1230 U.S. Personal Income Aug 1345 U.S. Chicago PMI Sept 1400 U.S. U Mich Sentiment Final Sept 1430 U.S. ECRI weekly index weekly

Grains prices at 0054 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 453.75 -1.25 -0.27% -1.68% 442.03 63 CBOT corn 351.75 -0.75 -0.21% -0.64% 354.38 51 CBOT soy 959.00 -0.50 -0.05% -0.67% 957.00 45 CBOT rice 12.05 $0.07 +0.63% +1.22% $12.59 36 WTI crude 51.57 $0.01 +0.02% -1.09% $49.03 66

Currencies

Euro/dlr $1.178 $0.000 +0.00% +0.35% USD/AUD 0.7849 -0.001 -0.09% +0.01%

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

(Reporting by Colin Packham; Editing by Subhranshu Sahu)