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GRAINS-Corn dips, lingers near one-week low ahead of USDA report

SYDNEY, Nov 9 (Reuters) - U.S. corn edged lower on Thursday as expectations that the U.S. Department of Agriculture will raise its forecast for North American production kept prices near a one-week low.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.2 percent to $3.47-1/2. Corn closed up 0.1 percent on Wednesday after earlier hitting a low of 3.45-3/4 a bushel - the lowest since Nov. 1.

* The most active soybean futures were unchanged at $9.98-1/2 a bushel, having firmed 0.2 percent on Wednesday.

* The most active wheat futures were up 0.2 percent to $4.27-1/2 a bushel, having closed down 0.1 percent on Wednesday.

* Market focused on USDA report, which is expected to show higher U.S. corn yields, lower soybean yields and still-ample global supplies of grains and oilseeds.

* Egypt's GASC, the world's top state buyer of wheat, said it bought 120,000 tonnes of Russian wheat in a snap tender.

* China imported 5.86 million tonnes of soybeans in October, down 28 percent from the previous month and well below market expectations, customs data showed on Wednesday, after some shipments were delayed.

MARKET NEWS

* The dollar slipped to a more than one-week low against the yen on Wednesday, pressured by worries over possible delays to President Donald Trump's tax reform plans.

* Oil prices settled slightly lower on Wednesday after U.S. government data showed rising domestic crude production, a surprise build in U.S. stockpiles and a decline in monthly Chinese crude imports, a triple blow that was offset somewhat by rising tensions in the Middle East.

* Wall Street closed at a record high on Wednesday as videogame makers rallied and Apple's market value climbed above $900 billion.

DATA AHEAD (GMT)

0130 China Consumer prices Oct 0130 China Producer prices Oct 0700 Germany Trade data Sep 1330 U.S. Weekly jobless claims 1500 U.S. Wholesale sales Sep

Grains prices at 0116 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 427.50 0.75 +0.18% +0.29% 412.17 47 CBOT corn 347.50 -0.75 -0.22% -3.00% 355.25 43 CBOT soy 998.50 0.00 +0.00% -4.01% 1024.8 61

2

CBOT rice 11.41 $0.00 +0.00% +14.33% $9.84 25 WTI crude 56.88 $0.07 +0.12% +7.30% $52.50 79

Currencies

Euro/dlr $1.159 $0.099 +9.32% +8.90% USD/AUD 0.7666 0.019 +2.56% +2.23%

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)