SYDNEY, Feb 22 (Reuters) - U.S. soybean futures edged lower on Thursday, but the oilseed was holding just off a seven-month high as dry weather in Argentina is expected to slash production from the world's No. 3 exporter.
* The most active soybean futures on the Chicago Board Of Trade eased 0.3 percent to $10.30-3/4 a bushel by 0230 GMT, having firmed 0.8 percent on Wednesday.
* The most active corn futures were down 0.2 percent to $3.65 a bushel, having gained 0.1 percent in the previous session.
* The most active wheat futures were up 0.1 to $4.47-3/4 a bushel, having closed down 0.4 percent on Wednesday.
* Soybeans draw support from expectations that dry weather in Argentina will cut production.
* Argentina's Rosario Exchange slashed its forecast for the country's soy and corn crops by five million tonnes or more each on Wednesday due to drought in the world's No. 3 exporter of each.
* Argentine farm consultancy Agripac cut its soybean crop forecast by about 18 percent from the start of the season and its corn crop estimate by 12 percent.
* U.S. Department of Agriculture to publish its latest supply and demand forecasts in its annual outlook forum this week.
* Analysts polled ahead of the gathering expect U.S. soybean acres this season to exceed corn acres for just the second time ever.
* Ample global wheat supplies and stiff competition in export markets remained headwinds for U.S. wheat. Major importer Egypt bought 120,000 tonnes of Russian wheat in its latest tender, underscoring the dominance of Black Sea origins on export markets.
* The dollar traded near a one-week high against a basket of major currencies on Thursday, rising after minutes of the Federal Reserve's January meeting showed policymakers were more confident of the need to keep raising interest rates.
* Oil prices fell on Thursday, pulled down as a firmer dollar outweighed a report of a decrease in U.S. crude inventories.
* U.S. stocks closed lower on Wednesday in a rocky session after the release of the minutes from the Federal Reserve's January meeting pushed yields on the benchmark 10-year U.S. Treasury note to a four-year high.
ATA AHEAD (GMT)
0745 France Business climate Feb 0900 Germany Ifo business climate Feb 0930 UK GDP 2nd release Q4
1230 European Central Bank releases minutes of January meeting
1330 U.S. Weekly jobless claims 1500 U.S. Leading index Jan
Grains prices at 0230 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 447.75 0.50 +0.11% -0.33% 442.74 43 CBOT corn 365.00 -0.75 -0.21% -0.14% 359.12 54 CBOT soy 1030.75 -3.50 -0.34% +0.41% 990.73 75 CBOT rice 11.96 $0.00 +0.00% -0.46% $12.21 38 WTI crude 60.97 -$0.71 -1.15% -1.50% $63.14 40
Euro/dlr $1.228 $0.000 +0.00% -0.44% USD/AUD 0.7798 0.000 -0.06% -1.05%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; editing by Richard Pullin)