GRAINS-Wheat near 1-week low on improved U.S. weather, dollar strength

* Wheat falls for 5th session as U.S. Midwest gets snow cover

* Corn down 0.4 pct as firm dollar weighs on commodities

(Adds details, quotes) SINGAPORE, Feb 6 (Reuters) - Chicago wheat futures slid for a fifth consecutive session on Tuesday with prices weighed down expectations of higher yields. Corn lost ground along with soybeans with forecasts of rains in Argentina which could help limit the drought damage to crops in one of the world's top producers of the oilseed. "Speculative weather concerns had driven wheat prices higher but now we have seen beneficial weather in the Midwest. There are expectations of rains for soybeans and corn in Argentina," said Phin Ziebell, agribusiness economist at National Australia Bank. "When there are no supply concerns how do you keep the rally going." The Chicago Board of Trade most-active wheat contract fell 0.1 percent at $4.40 a bushel by 0241 GMT after dropping 1.5 percent on Monday to its weakest since Jan. 26 at $4.40-1/4 a bushel. Soybeans were down 0.1 percent at $9.69-1/4 a bushel, after earlier falling to their lowest since Jan. 18 at $9.67-3/4 a bushel. Corn was down 0.4 percent at $3.57-1/2 a bushel, having closed down 0.8 percent in the previous session. Wheat prices came under pressure as favorable weather was expected to aid U.S. crops that have suffered from recent dry weather. Storms this week should bring beneficial moisture to U.S. winter wheat areas, with snow in the Midwest and rain in the Southeast. For corn and soybeans, 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.

There was additional pressure on commodities stemming from a stronger dollar which makes the dollar-denominated products expensive for importers holding other currencies. The dollar rose 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. Commodity funds were net sellers of CBOT soybean, corn, wheat, soymeal and soyoil futures on Monday, traders said. Trade estimates of net fund selling in corn ranged from 5,000 to 14,000 contracts.

Grains prices at 0241 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 440.00 -0.25 -0.06% -2.44% 432.56 51 CBOT corn 357.50 -1.25 -0.35% -1.17% 353.35 47 CBOT soy 969.25 -0.50 -0.05% -1.60% 973.18 35 CBOT rice 12.49 -$0.04 -0.32% +0.69% $12.09 69 WTI crude 63.34 -$0.81 -1.26% -3.22% $63.13 39


Euro/dlr $1.237 -$0.005 -0.43% -0.24% USD/AUD 0.7866 -0.024 -3.00% -2.02%

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

(Reporting by Naveen Thukral Editing by Christian Schmollinger)