GRAINS-Soybeans ease after 7-session rally, market eyes Argentina weather

* Soybeans ease from 6-week top, Argentina dryness supports

* Wheat ticks up after falling 1 pct on improved U.S. weather

(Adds details, quotes) SINGAPORE, Jan 24 (Reuters) - Chicago soybean futures slid from a six-week high on Wednesday, easing after seven consecutive sessions of gains, though concerns about dry weather hurting yields in Argentina provided some support. Wheat edged higher after dropping 1 percent in the last session as improved weather in parts of the U.S. Midwest grain belt provided headwinds for the market. The Chicago Board of Trade most-active soybean contract shed 0.1 percent to $9.85-3/4 a bushel by 0302 GMT. The market hit its strongest since Dec. 11 at $9.88-3/4 a bushel on Tuesday. Corn gained 0.2 percent to $3.52 a bushel and wheat rose 0.1 percent to $4.22 a bushel. "Argentina weather will remain supportive for soybean prices but at this stage I think the weather premium has already been built into the prices," said one India-based agricultural commodities analyst. "Brazilian soybean crop estimates are being raised. A big Brazilian crop will offset yield losses in Argentina." Dry weather across parts of Argentina's soybean belt is expected to reduce production in the world's third largest exporter of the oilseed. The country is also the world's No. 1 exporter of soymeal and soyoil. But Brazil, the world's largest exporter, is on track for another year of bumper production. Private analytics firm Informa Economics trimmed its forecast of U.S. 2018 soybean plantings to 91.197 million acres, down from its previous projection of 91.387 million but still a potential record high, three trade sources said on Tuesday. Informa in a note to clients pegged U.S. 2018 corn plantings at 89.179 million acres, down from its month-ago forecast of 89.675 million. Rain mixed with snow fell in parts of grain-growing areas in the U.S. Midwest, providing moisture to the dormant soft red winter wheat crop. Commodity funds were net sellers of CBOT corn and wheat futures contracts on Tuesday and net buyers of soybeans, soymeal and soyoil, traders said.

Grains prices at 0302 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 422.00 0.50 +0.12% -0.18% 424.43 48 CBOT corn 352.00 0.75 +0.21% -0.14% 350.29 60 CBOT soy 985.75 -0.50 -0.05% +0.87% 971.54 72 CBOT rice 12.15 -$0.05 -0.41% -0.45% $12.02 65 WTI crude 64.39 -$0.08 -0.12% +1.42% $60.82 72


Euro/dlr $1.231 $0.005 +0.40% +0.73% USD/AUD 0.8001 -0.002 -0.20% +0.14%

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

(Reporting by Naveen Thukral; Editing by Sunil Nair)