GRAINS-U.S. corn, soy, wheat futures drop on profit taking

(Recasts, updates with U.S. trading, adds analyst quote, changes byline, dateline; previous PARIS/SYDNEY)

CHICAGO, Feb 16 (Reuters) - U.S. soybean futures fell from their highest since late July on Friday as traders locked in profits from this week's weather-driven rally.

Soymeal futures also fell and were on track to snap an eight-session winning streak after rallying to their highest in more than a year and a half.

Concerns about dry conditions in Argentina continued to underpin soybean prices but traders were in risk-off mode following gains this week.

"The beans have had a good run over the last four to five days," said Dewey Strickler, president of Ag Watch Market Advisors. "Going into a long weekend we see a bit of a break."

Grains markets will be closed for the U.S. Presidents day holiday on Monday.

Profit-taking also pressured wheat and corn futures but both grains remained on track to post their fifth straight week of gains.

At 9:55 a.m. CDT (1555 GMT), Chicago Board of Trade March soybean futures were down 6-1/2 cents at $10.17-3/4 a bushel. CBOT March soymeal was off $4.20 at $368.50 a ton.

CBOT March corn futures were unchanged at $3.67-3/4 a bushel. Deferred corn futures contracts were slightly weaker. CBOT March soft red winter wheat was off 3 cents at $4.58-3/4 a bushel.

A bounce in the dollar after a three-year low earlier in the day against a basket of currencies also encouraged prices to consolidate.

"Weather forecasters still expect light rains that are well short of the soaking that some of Argentina needs to arrest declining crop conditions," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.

For the week, CBOT wheat was up 2.1 percent, CBOT corn was up 1.5 percent and CBOT soybeans were up 3.5 percent. CBOT soymeal has risen 7.6 percent this week, which would be its biggest weekly gain since early July. (Additional reporting by Colin Packham in Sydney and Gus Trompiz in Paris; Editing by Kirsten Donovan and James Dalgleish)