SYDNEY, Feb 21 (Reuters) - U.S. soybean prices inched down on Wednesday, but stayed close to their highest in nearly seven months on concerns that dry weather in Argentina could cause large-scale production losses.
* The most active soybean futures on the Chicago Board of Trade were down 0.4 percent at $10.22 a bushel by 0201 GMT. They firmed 0.5 percent on Tuesday, when prices hit their highest in nearly seven months at $10.39 a bushel.
* The most active corn futures were down 0.1 percent at $3.65-1/4 a bushel, having closed down 0.5 percent in the previous session.
* The most active wheat futures were down 0.2 percent at $4.48-1/2 a bushel, having closed down 1.9 percent on Tuesday.
* Sizzling conditions in Argentina since November have prompted traders and analysts to slash harvest estimates, fueling projections that export business could shift to the United States from South America.
* Argentine farm consultancy Agripac cut its forecast for soybean production by about 18 percent from the start of the season to 47 million tonnes and its corn crop estimate by 12 percent to 37 million tonnes.
* The dollar steadied against a basket of currencies on Wednesday, having pulled up from three-year lows set last week as traders shaved off some of the bearish bets against the U.S. currency.
* Oil prices fell on Wednesday, weighed down as the U.S. dollar moved further away from three-year lows hit last week.
* The Dow and S&P 500 fell on Tuesday to snap a six-session winning streak as a sharp decline in Walmart weighed heavily, but gains in Amazon and chip stocks helped the Nasdaq hold near the unchanged mark.
DATA AHEAD (GMT)
0800 France Markit manufacturing PMI flash Feb 0830 Germany Markit manufacturing PMI flash Feb 0900 Euro zone Markit manufacturing PMI flash Feb 1445 U.S. Markit manufacturing PMI flash Feb 1500 U.S. Existing home sales Jan
1900 Federal Reserve to release minutes from January meeting
Grains prices at 0201 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 448.50 -0.75 -0.17% -2.02% 442.27 44 CBOT corn 365.25 -0.25 -0.07% -0.61% 358.57 54 CBOT soy 1022.00 -4.50 -0.44% +0.05% 988.09 70 CBOT rice 11.86 $0.00 +0.04% -1.29% $12.21 27 WTI crude 61.33 -$0.46 -0.74% -0.57% $63.20 45
Euro/dlr $1.234 $0.000 +0.03% -0.54% USD/AUD 0.7875 -0.001 -0.08% -0.46%
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)