CORRECTED-GRAINS-Soybeans on course for biggest 2-week gain in nearly 9 months

(Corrects first paragraph to port strike in Argentina, not
Brazil. Adds detail on strike ending in paragraph 12)
    SYDNEY, May 24 (Reuters) - U.S. soybeans fell for the first
time in seven sessions on Friday, but are on course to post
their biggest two-week gain since August 2012 as tight old-crop
stocks, exacerbated by a port strike in Argentina, support
prices.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade July soybeans fell 0.32
percent to $14.32-3/4 a bushel, having firmed 0.35 percent on
Thursday.
    * Soybeans are on course to finish the week up more than 3
percent, following on from gains in previous week of 3.56
	
percent. Two-week gains are the largest since August 31 when the oilseed firmed more than 7 percent. * July corn fell 0.34 percent to $6.59-3/4 a bushel, having gained 0.53 percent in the previous session. * Corn is poised to finish the week up 1 percent, the second straight weekly rise. * July wheat rose 0.25 percent to $7.05 a bushel, having closed up 2.1 percent on Wednesday. * Wheat is on course to finish the week up 3.1 percent, recouping all the losses from the previous week. * The grain complex drew support from stronger-than-expected export sales in the U.S. Department of Agriculture's (USDA) weekly export sales report on Thursday. * The USDA report showed net export sales of U.S. wheat last week at nearly a million tonnes, well above analysts' estimates. * Soybean futures continued a recent uptrend as a port strike in major exporter Argentina intensified the focus on the tight short-term supply of the oilseed. * The strike, and lengthy vessel backups at other South American ports, raised concerns that some global demand could shift to the United States where supplies were forecast to shrink to a nine-year low before the autumn harvest. * Argentine port workers ended a four-day-old strike on Thursday, their labor union said, setting the stage for
resumption of crucial soy and corn exports. * Rainfall over the next week to 10 days in parts of the Midwest will delay remaining corn seedings and possibly cause a shift from corn to soybean acreage, an agricultural meteorologist said on Thursday. MARKET NEWS * The dollar was on track for its biggest daily drop in more than five weeks against the yen on Thursday after a sharp slide in Japanese stocks and weak Chinese factory activity data prompted a rush for the safe-haven Japanese currency. * Brent crude oil prices retraced earlier losses after falling to a three-week low on Thursday in a broader commodities selloff, riding the coattails of a late turnaround in U.S. equities to end flat. * U.S. stocks slipped on Thursday but finished sharply off their session lows as a rally in Hewlett-Packard's shares offset worries about weak Chinese manufacturing data and the prospects of the Federal Reserve reducing its monetary stimulus. DATA/EVENTS (GMT) 0600 Germany Detailed Q1 GDP 0600 Germany GfK consumer confidence 0645 France Business climate 0800 Germany Ifo business climate 0800 Italy Consumer confidence 1230 U.S. Durable goods orders Grains prices at 0036 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 705.00 1.75 +0.25% +2.40% 704.09 59 CBOT corn 659.75 -2.25 -0.34% +0.19% 642.07 47 CBOT soy 1494.75 -4.75 -0.32% +0.03% 1402.93 62
CBOT rice $15.55 $0.00 -0.03% +1.37% $15.35 69 WTI crude $94.10 -$0.15 -0.16% -0.19% $93.19 43 Currencies Euro/dlr $1.291 -$0.002 -0.17% +0.44% USD/AUD 0.967 -0.008 -0.79% -0.23% 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)

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