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GRAINS-Soybean prices fall for first time in seven sessions

SYDNEY, Jan 24 (Reuters) - U.S. soybean prices edged down for the first time in seven sessions on Wednesday, though prices lingered near a five-week high amid concerns that dry weather in South America will hamper production.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were down 0.1 percent at $9.85-3/4 a bushel by 0159 GMT. They firmed 0.2 percent on Tuesday, when prices hit their strongest since Dec. 11 at $9.88-3/4 a bushel.

* The most active corn futures were up 0.1 percent at $3.51-1/2 a bushel, having closed down 0.2 percent in the previous session.

* The most active wheat futures were down 0.1 percent to $8.81-3/4 a bushel, after ending Tuesday down 1 percent.

* Rain mixed with snow fell in parts of wheat-growing areas in the U.S. Midwest, providing moisture to the dormant soft red winter wheat crop.

* Analytics firm Informa Economics trimmed its forecasts for 2018 U.S. soybean and corn plantings, even as their outlook for 91.387 million soybean acres still would be a record. 1/8nS0N1NR036

MARKET NEWS

* The dollar touched a four-month low against the yen on Wednesday, pressured by simmering concerns that the U.S. currency's yield advantage will start to erode as major central banks head toward unwinding their massive stimulus.

* Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia.

* U.S. stocks advanced on Tuesday, as strong results from Netflix helped lift the S&P and Nasdaq Composite, but the Dow Industrials were hemmed in by declines in Johnson & Johnson and Procter & Gamble.

DATA AHEAD (GMT)

0800 France Markit manufacturing flash PMI Jan 0830 Germany Markit manufacturing flash PMI Jan 0900 Euro zone Markit manufacturing flash PMI Jan 1400 U.S. Monthly home price index Nov 1445 U.S. Markit manufacturing flash PMI Jan 1500 U.S. Existing home sales Dec

Grains prices at 0159 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 421.25 -0.25 -0.06% -1.06% 424.48 46 CBOT corn 351.50 0.25 +0.07% -0.14% 350.23 56 CBOT soy 985.75 -0.50 -0.05% +0.15% 971.03 72 CBOT rice 12.20 $0.00 +0.00% +0.16% $12.02 71 WTI crude 64.42 -$0.05 -0.08% +1.46% $60.82 73

Currencies

Euro/dlr $1.231 $0.001 +0.07% +0.37% USD/AUD 0.8001 0.001 +0.06% -0.20%

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)