February 16, 2018 / 5:02 AM / in 6 months

GRAINS-Soybeans firm, set for biggest weekly gain in 7 months

    * Soybeans supported as dry weather threatens Argentina
    * Corn firms, set for fifth straight weekly gain
    * Wheat firms, set to finish week up more than 3 percent

    By Colin Packham
    SYDNEY, Feb 16 (Reuters) - U.S. soybean futures edged higher
on Friday and were poised for its biggest weekly gain in seven
months as dry weather threatens production of the oilseed in
    Corn edged higher, while wheat firmed nearly 0.5 percent to
be on course for a weekly gain of more than 3 percent.
    The most active soybean futures on the Chicago Board Of
Trade were up 0.1 percent to $10.24-3/4 a bushel after
closing up 0.7 percent in the previous session.
    Soybeans are up more than 4 percent for the week, the
biggest weekly gain since July 2017.
    "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.
    Argentina could harvest fewer than 50 million tonnes of
soybeans in the 2017-2018 crop year, the lead analyst at the
Rosario grains exchange said on Wednesday, as a prolonged
drought looks set to continue harming yields.
    The dryness in the heart of Argentina's Pampas grains belt
is likely to persist through the second half of February,
climate experts said.
    The most active wheat futures were up 0.4 percent to
$4.63-3/4 a bushel after closing up 1.3 percent in the previous
    Wheat is up more than 3 percent for the week, extending
five-week gains to more than 10 percent.
    The most active corn futures was up 0.1 percent to
$3.68-1/4 a bushel after firming 0.1 percent in the previous
    Corn is up more than 1.5 percent for the week, the fifth
straight weekly gain.
    The U.S. Agriculture Department on Thursday said weekly
export sales of corn totalled 2.072 million tonnes, topping
market forecasts that ranged from 1 million to 1.6 million
 Grains prices at  0430 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   463.75    2.00   +0.43%       +1.76%  441.16     61
 CBOT corn    368.25    0.50   +0.14%       +0.27%  357.52     71
 CBOT soy    1024.75    0.50   +0.05%       +0.74%  984.50     76
 CBOT rice     11.95   $0.00   +0.00%       -2.45%  $12.20     25
 WTI crude     61.65   $0.31   +0.51%       +1.73%  $63.19     49
 Euro/dlr     $1.255  $0.004   +0.32%       +0.78%               
 USD/AUD      0.7963   0.002   +0.25%       +0.50%               
 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)
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