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GRAINS-Soybean prices edge down, but stay near one-week high

SYDNEY, Oct 6 (Reuters) - U.S. soybean prices inched lower on Friday, but stayed near one-week highs on reports of lower-than-expected yields in the U.S. Midwest, where rains have already slowed the pace of harvest.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were little changed for the week after slumping more 1.5 percent last week. On Thursday, they hit their highest since Sept. 29 at $9.71 a bushel.

* The most active corn futures were down nearly 1.5 percent for the week, their biggest seven-day loss in six weeks. The most active wheat futures were down nearly 1.5 percent over the week, their second-straight weekly fall.

* Soybean prices were supported by disappointing yields in key Midwest producing areas, where wet weather has already slowed harvesting.

* The U.S. Department of Agriculture said weekly export sales of corn totalled 814,100 tonnes, topping market forecasts that ranged from 500,000 to 700,000 tonnes. Export sales of soybeans and wheat were in line with trade estimates.

* Wheat prices have been capped by export competition from a record Russian harvest this year. U.S. offerings are still seen as too expensive for overseas buyers despite the recent weakness in futures.

MARKET NEWS

* The dollar touched a fresh seven-week high versus a basket of currencies on Friday, supported by hopes for progress on U.S. tax reforms, with traders looking to U.S. jobs data for near-term catalysts.

* Oil markets opened cautiously in Asia on Friday as traders monitored a tropical storm heading for the Gulf of Mexico and as China remained closed for a week-long public holiday.

* The S&P 500 posted its sixth straight record high close on Thursday, its longest run since 1997, as investors cheered increased prospects for a tax overhaul with Congress moving closer to agreement on a budget resolution.

DATA AHEAD (GMT)

0600 Germany Industrial orders Aug 0645 France Trade balance Aug 1230 U.S. Nonfarm payrolls Sep 1230 U.S. Unemployment rate Sep 1400 U.S. Wholesale sales Aug

Grains prices at 0142 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 442.00 1.25 +0.28% +0.00% 443.33 47 CBOT corn 350.00 0.50 +0.14% +0.50% 352.76 50 CBOT soy 969.00 0.75 +0.08% +1.12% 961.04 58 CBOT rice 11.91 -$0.01 -0.04% -1.00% $12.49 27 WTI crude 50.71 -$0.08 -0.16% +1.46% $49.47 53

Currencies

Euro/dlr $1.171 $0.000 +0.03% -0.38% USD/AUD 0.7796 0.000 +0.03% -0.85%

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)