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GRAINS-Wheat edges higher, but set for biggest weekly fall in 2 months

SYDNEY, Oct 20 (Reuters) - U.S. wheat edged higher on Friday, drawing support from strong demand for North American supplies, although the grain was poised to record its biggest weekly loss in two months as ample global supplies weigh.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board of Trade was down 1.2 percent for the week, the biggest weekly slide since August 25.

* The most active soybean futures fell nearly 1.5 percent for the week, the first weekly loss in three weeks.

* The most active corn futures lost more than 1 percent for the week after posting gains of 0.8 percent in the previous week.

* The U.S. Department of Agriculture said U.S. wheat export sales touched more than 615,000 tonnes, the biggest weekly tally in two months.

* USDA said private exporters sold 384,000 tonnes of U.S. soybeans to China, the world's biggest soy buyer.

* Weekly U.S. soybean export sales, at 1.275 million tonnes, fell below trade estimates. But weekly soymeal and soyoil sales exceeded expectations.

MARKET NEWS

* The New Zealand dollar hit a five-month low on Friday, dogged by worries over policy uncertainty under a new government, while the U.S. dollar held firm vs the yen and euro as traders awaited President Donald Trump's decision on the next Federal Reserve chair.

* 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.

* The Dow and S&P 500 eked out record closing highs on Thursday, turning higher at the last minute after a Politico report that Federal Reserve Governor Jerome Powell is the leading candidate for the nominee for Fed chair.

DATA/EVENT AHEAD (GMT)

0600 Germany Producer prices Sep 0800 Euro zone Current account Aug 1400 U.S. Existing home sales Sep

2330 Federal Reserve Chair Janet Yellen speaks on "Monetary Policy Since the Financial Crisis" at Washington event

Grains prices at 0149 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 434.00 1.25 +0.29% +0.93% 442.81 48 CBOT corn 348.25 -0.75 -0.21% -0.07% 351.08 46 CBOT soy 986.50 0.00 +0.00% +0.23% 971.22 62 CBOT rice 11.95 $0.02 +0.17% +0.04% $12.26 39 WTI crude 51.34 $0.05 +0.10% -1.35% $50.64 56

Currencies

Euro/dlr $1.183 -$0.002 -0.19% +0.35% USD/AUD 0.7850 -0.003 -0.37% +0.08%

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

(Reporting by Colin Packham; Editing by Biju Dwarakanath)