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GRAINS-Soybeans set for biggest weekly rise in nearly three months

SYDNEY, Oct 13 (Reuters) - U.S. soybeans edged lower on Friday, though the oilseed was poised to record its biggest one-week rise in nearly three months after the U.S. Department unexpectedly cut a production forecast.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade up nearly 2 percent for the week, the biggest weekly gain since late July.

* The most active corn futures down about 0.2 percent for the week, the second straight weekly fall.

* The most active wheat futures down nearly 3 percent for the week, the biggest weekly loss since August 11.

* The USDA cut its U.S. soy yield estimate to 49.5 bushels per acre (bpa), down from 49.9 in September and below all but one estimate in a Reuters poll.

* The USDA raised its U.S. corn yield estimate to 171.8 bpa, above even the highest in a range of trade estimates.

MARKET NEWS

* The dollar was poised to narrowly ward off a fifth straight day of losses against a basket of currencies on Thursday, as investors looked ahead to inflation data on Friday that may provide more clues on the next U.S. interest rate hike.

* Oil prices rebounded from earlier losses, but ended lower on the day on Thursday, after the Energy Department reported a larger-than-expected decline in U.S. inventories and a falloff in weekly production.

* U.S. stocks retreated from recent record highs on Thursday as AT&T shares sank after it said it lost subscribers in the last quarter and banks slipped following results from JPMorgan and Citigroup.

DATA AHEAD (GMT)

* China Trade balance Sep

1230 U.S. Consumer prices Sep 1230 U.S. Retail sales Sep 1400 U.S. Business inventories Aug 1400 U.S. Univ of Michigan sentiment index Oct

*No fixed timing

Grains prices at 0012 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 430.75 0.25 +0.06% -0.58% 443.67 30 CBOT corn 349.00 0.00 +0.00% +0.87% 352.30 45 CBOT soy 991.00 -1.00 -0.10% +2.67% 967.13 72 CBOT rice 12.23 -$0.02 -0.16% +1.62% $12.39 65 WTI crude 50.74 $0.14 +0.28% -1.09% $50.06 51

Currencies

Euro/dlr $1.183 $0.000 +0.02% -0.22% USD/AUD 0.7823 0.000 +0.05% +0.46%

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

(Reporting by Colin Packham; Editing by Sonali Paul)