GRAINS-Soy rally stalls, Chicago wheat and corn edge higher

* Soy supplies seen ample despite Argentina crop concerns

* Firm euro dents outlook for EU wheat exports (Adds quotes, updates prices)

LONDON, Jan 26 (Reuters) - Chicago soybean futures were slightly lower on Friday but remained on track for a weekly gain with prices underpinned by a soft dollar and dry weather in Argentina.

The Chicago Board of Trade most-active soybean contract was 0.05 percent lower at $9.91-3/4 a bushel at 1103 GMT and was on track for a weekly gain of 1.5 percent.

"Besides the weak U.S. dollar, the dry spell in Argentina has recently driven the soybean price back up to $10 per bushel," Commerzbank said in a market note.

Argentina trimmed its soy and corn-planting estimates on Thursday as key parts of the country's Pampas grains belt contend with excessively hot, dry conditions that could cause a decline in yields and sowing area.

In its monthly crop report, the Agriculture Ministry said it expected 16.75 million hectares to be planted with soy, down slightly from its previous 16.8-million-hectare estimate.

However, big harvests in Brazil and the United States, the world's top two soybean exporters, may offset losses in Argentina.

The U.S. Department of Agriculture this month projected world soybean inventories at the end of the 2017/18 marketing year at an all-time high of 98.57 million tonnes.

"Even if this total turns out to be somewhat lower on account of Argentina, it will do little to change the plentiful supply of soybeans," Commerzbank said.

CBOT wheat was up 0.4 percent at $4.36-1/4 a bushel and was on course for a weekly gain of 3.2 percent.

"For wheat, the main driver is short-covering. As far as fundamentals are concerned, there is not much change as globally there are plenty of supplies. I think prices will bounce around current levels," a Singapore-based trader said.

March milling wheat in Paris was unchanged at 156.50 euros a tonne with a firm euro denting EU export prospects and keeping a lid on prices in Europe.

EU soft wheat exports were running 17 percent behind last season's pace at 11.9 million tonnes, as of January 23, according to official data.

"While the U.S. market rallied, the lack of any weather adversity in the northern hemisphere, plus the impact of the weakness in the U.S. dollar, leaves EU markets operating under continued pressure," said David Sheppard, managing director at UK merchant Gleadell.

Chicago corn futures were up 0.2 percent at $3.56 a bushel and were on track for a weekly gain of 1.0 percent. (Additional reporting by Naveen Thukral in Singapore; Editing by Amrutha Gayathri and Elaine Hardcastle)