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GRAINS-Soybean prices fall to 3-wk low as rain expected in key grower Argentina

Argentina@

SYDNEY, Feb 6 (Reuters) - U.S. soybean prices fell for a fifth session on Tuesday to hit a three-week low, with hopes that rains forecast for Argentina could help limit damage to drought-hit crops in one of the world's top producers of the oilseed.

FUNDAMENTALS

* The most active soybean futures on the on the Chicago Board of Trade were down 0.1 percent at $9.70-1/2 a bushel by 0132 GMT, after earlier touching their lowest since Jan. 18 at $9.69 a bushel. They closed Monday down 0.9 percent.

* The most active wheat futures were down 0.1 percent at $4.40-1/2 a bushel. They ended down 1.5 percent on Monday, when prices hit their weakest since Jan. 26 at $4.38-3/4 a bushel.

* The most active corn futures were down 0.3 percent at $3.57-3/4 a bushel, having closed down 0.8 percent in the previous session.

* Rains expected next week could contain drought-damage to Argentine soy crops, the Buenos Aires Grains Exchange's weather forecaster said on Monday, but added that the arid conditions could dramatically reduce the harvest.

* The U.S. Department of Agriculture reported export inspections of U.S. corn in the latest week at 1.07 million tonnes, slightly above a range of trade expectations.

* Wheat prices came under pressure as favorable weather was expected to aid U.S. crops that have suffered from recent dry weather.

MARKET NEWS

* The dollar stood tall on Tuesday as a rout in global equities prompted anxious investors to seek shelter in the relative safety of the greenback, with peers like the euro on the defensive.

* Crude oil futures extended falls from the previous session on Tuesday, with the Brent benchmark dropping 1 percent.

* U.S. stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4 percent, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year.

DATA AHEAD (GMT)

0700 Germany Industrial orders Dec 1330 U.S. International trade Dec

Grains prices at 0132 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 440.50 0.25 +0.06% -1.40% 433.02 51 CBOT corn 357.75 -1.00 -0.28% -1.04% 353.61 47 CBOT soy 970.50 0.75 +0.08% -0.84% 973.53 36 CBOT rice 12.51 -$0.03 -0.20% +0.36% $12.10 71 WTI crude 63.49 -$0.66 -1.03% -2.99% $63.14 40

Currencies

Euro/dlr $1.238 $0.002 +0.12% -0.63% USD/AUD 0.7873 0.000 -0.05% -0.59%

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)