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Wheat edges lower, global weather threat set to drive weekly gains of 1 pct

U.S. wheat futures fell around 0.5 percent on Friday, though fears that adverse weather in major global exporters was set to drive the grain to its fourth
consecutive weekly gain.
* The most active wheat futures on the Chicago Board Of Trade up 1 percent for the week, the fourth straight weekly gain.
* The most active soybean futures little changed for the week after three straight weekly gains.
* The most active corn futures down more than 0.5 percent for the week, the first weekly loss in a month.    
* Analysts expect the USDA to increase its estimates of corn and soybean yields and production, but the latest weather outlook has tempered expectations.
* After rains across the U.S. Midwest this week, parts of the region are expected to turn drier over the next two weeks at a critical stage of development for corn and soybean crops,
forecasters said.
* A slowdown in Chinese imports of U.S. soybeans after Beijing imposed extra tariffs drags on the oilseeds, although expectations that China will need to resume buying U.S. soybeans
have lent support at times this week.
* The USDA on Thursday reported net U.S. soybean export sales near the high end of trade estimates, with typical buyers such as the Netherlands, Spain, Egypt and Pakistan booking large purchases. China, the world's top importer, cancelled purchases in the week.
* The dollar rose against most major currencies on Thursday in thin summer trading, as investors bet global trade tensions and a robust American economy would continue to support the U.S.
* Crude prices settled slightly lower on Thursday, extending the previous session's losses as the escalating China-U.S. trade dispute casts doubt over the outlook for oil demand.  
* The S&P 500 and Dow ended down slightly on Thursday as gains in Apple and Amazon were offset by losses in energy and financial shares.  
 Grains prices at  0031 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  562.00    -2.50   -0.44%       -1.40%  523.19     62
 CBOT corn   381.75    -1.00   -0.26%       -0.84%  371.08     57
 CBOT soy    901.25    -2.75   -0.30%       -1.02%  877.46     58
 CBOT rice    10.75    $0.01   +0.09%       +0.94%  $11.70     17
 WTI crude    66.68   -$0.13   -0.19%       -0.39%  $70.00     33
 Euro/dlr    $1.152  -$0.001   -0.05%       -0.78%               
 USD/AUD     0.7368    0.000   -0.03%       -0.85%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
Source: Reuters (Reporting by Colin Packham; Editing by Michael Perry)

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