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GRAINS-Soybeans edge higher, linger around one-year high

SYDNEY, Feb 23 (Reuters) - U.S. soybean futures edged higher on Friday to linger near a one-year high as expectations of lower production from Argentina lent support to prices, pushing the oilseed towards its third straight weekly gain.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade up more than 2 percent for the week, the third straight weekly gain.

* Soybeans hit a high of $10.48-1/4 a bushel - the highest since March 2017.

* The most active corn futures down nearly 0.5 percent for the week, the first weekly slide in six weeks.

* The most active wheat futures down 1 percent for the week, the first weekly fall in six weeks.

* USDA on Thursday predicted U.S. plantings of corn and soybeans at 90 million acres each and wheat slightly above last year at 46.5 million acres. The estimates were generally in line with analyst expectations.

* The government will issue longer-term supply and demand forecasts as well as weekly U.S. export sales results on Friday. USDA/EST>

* Argentina remained the focus for soybean markets, with traders assessing production downgrades by forecasters along with prospects for light rain next week and a bumper harvest in Brazil.

* Argentine farmers were expected to harvest 47 million tonnes of soy this season and not the 50 million tonnes forecast earlier, the Buenos Aires Grains Exchange said in its weekly crop report.

MARKET NEWS

* The dollar sagged broadly on Friday after its recovery this week faded as U.S. Treasury yields declined from their recent peaks.

* Oil prices rose to two-week highs on Thursday, boosted by data showing a surprise draw in U.S. crude inventories and also by a drop in the dollar.

* The Dow and S&P 500 advanced on Thursday to halt a two-session losing skid, buoyed by gains in industrial and energy shares as U.S. Treasury yields eased, while the Nasdaq lost ground for a third straight session.

DATA AHEAD (GMT)

0700 Germany Detailed GDP Q4 1000 Euro zone Inflation final Jan

Grains prices at 0119 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 452.50 1.25 +0.28% +1.17% 443.47 52 CBOT corn 366.50 -0.25 -0.07% +0.21% 359.76 59 CBOT soy 1033.00 1.00 +0.10% -0.12% 993.38 79 CBOT rice 12.02 $0.00 +0.00% +1.39% $12.21 43 WTI crude 62.69 -$0.08 -0.13% +1.64% $63.17 58

Currencies

Euro/dlr $1.232 -$0.001 -0.09% +0.29% USD/AUD 0.7832 -0.001 -0.17% +0.37%

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

(Reporting by Colin Packham; Editing by Sunil Nair)