GRAINS-Soybean prices climb, poised for biggest weekly gain in 3 mths

SYDNEY, Jan 19 (Reuters) - U.S. soybean futures rose for a fifth session on Friday on concerns over dry weather in key producer Argentina, remaining on course for their biggest weekly gain in three months. FUNDAMENTALS * The most active soybean futures on the Chicago Board of Trade, for March, were up nearly 1.5 percent for the week, set for their largest weekly gain since October, 2017. * The most active corn futures were up nearly 2 percent for the week, on track for their largest weekly climb since Dec. 1. * The most active wheat futures were up nearly 1.5 percent for the week after posting losses of nearly 2.5 percent the week before. * Dry weather is persisting across a key growing region in Argentina, a major exporter of soybeans. * The International Grains Council (IGC) raised its forecast for global wheat production in the 2017/18 season, but said global wheat stocks in 2018/19 could decline for the first time in six years. * IGC also raised its forecast for 2017/18 global corn output by 14 million tonnes to 1.054 billion tonnes, partly reflecting upward revisions for the European Union, China and Nigeria. MARKET NEWS * The U.S. dollar was lodged near a three-year low against a basket of currencies on Friday, with fears over a possible U.S. government shutdown adding to its underlying woes stemming from its eroding yield advantage. * Oil was little changed on Thursday, as prices eased early in the session, but were supported by a record drawdown of U.S. crude stockpiles at the Cushing, Oklahoma delivery hub. * Wall Street fell on Thursday as losses in industrials and interest-rate sensitive sectors offset marginal gains in tech stocks. DATA AHEAD (GMT) 0700 Germany Producer prices Dec 0900 Euro zone Current account Nov 1500 U.S. Univ of Michigan sentiment index Jan Grains prices at 0128 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 426.50 1.25 +0.29% +1.19% 424.52 53 CBOT corn 352.00 0.50 +0.14% -0.28% 350.28 60 CBOT soy 974.25 1.25 +0.13% +0.57% 973.07 67 CBOT rice 12.11 -$0.04 -0.29% -0.33% $12.03 67 WTI crude 63.37 -$0.58 -0.91% -0.94% $60.08 63 Currencies Euro/dlr $1.223 $0.000 -0.02% +0.41% USD/AUD 0.8005 0.001 +0.09% +0.45% 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)

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