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GRAINS-Soybeans fall from 10-wk high; dry Argentina weather caps losses

SYDNEY, Feb 14 (Reuters) - U.S. soybean futures edged lower on Wednesday, retreating from a 10-week high touched in the previous session, though losses were checked by expectations that ongoing adverse weather in Argentina will lower production.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.3 percent to $10.09-1/2 a bushel by 0134 GMT, having firmed 1 percent on Tuesday when prices hit a high of $10.13-1/2 a bushel - the highest since Dec. 6.

* The most active corn futures were down 0.3 percent to $3.66-1/2 a bushel, having gained 0.1 percent in the previous session.

* The most active wheat futures were down 0.9 $4.56-1/2 a bushel, having closed down 0.7 percent on Tuesday.

* Wheat had drawn support from concerns about dry weather across the U.S. Plains, threatening crops that are approaching a key phase of development.

* Dry weather across Argentina had supported gains in corn and soybeans.

MARKET NEWS

* The dollar clung above a five-month low against the yen on Wednesday, its slide halted as a recovery in broader risk sentiment remained intact for the time being.

* Oil prices were stable on Wednesday, supported by healthy economic growth and expectations that a weaker dollar could spur fuel demand.

* Wall Street climbed on Tuesday for a third straight session, buoyed by Amazon.com and Apple, while investors focused on inflation data on Wednesday that could upset the market's fragile recovery - or clear the way for additional gains.

DATA AHEAD (GMT)

0700 Germany GDP flash estimate Q4 1000 Euro zone GDP flash estimate Q4 1000 Euro zone Industrial production Dec 1330 U.S. Consumer prices Jan 1330 U.S. Retail sales

Jan

1500 U.S. Business inventories Dec

Grains prices at 0134 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 456.50 -4.25 -0.92% -1.62% 439.33 55 CBOT corn 365.50 -1.25 -0.34% -0.41% 356.39 60 CBOT soy 1009.00 -2.75 -0.27% +0.72% 980.48 67 CBOT rice 12.29 $0.00 +0.00% -0.85% $12.19 46 WTI crude 59.23 $0.04 +0.07% -0.10% $63.17 20

Currencies

Euro/dlr $1.235 $0.000 +0.03% +0.51% USD/AUD 0.7862 0.000 +0.04% +0.05%

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

(Reporting by Colin Packham; Editing by Amrutha Gayathri)