GRAINS-Wheat falls for 7th session, faces weekly loss of 3 pct

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SYDNEY, Dec 20 (Reuters) - U.S. wheat futures fell for the
seventh consecutive session on Friday, pushing weekly losses to
more than 3 percent and extending three-week losses to nearly 10
percent, as bumper global wheat stocks weigh on prices.

FUNDAMENTALS
* Chicago Board Of Trade March wheat slipped 0.3
percent by 0130 GMT.
* January soybeans down 0.3 percent for the week,
having posted modest gains in the previous week.
* March corn up 0.8 percent for the week, having slid
more than 2 percent for the week.
* The Argentine Agriculture Ministry raised its outlook for
the 2013/14 wheat crop by 500,000 tonnes to 9 million tonnes.

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* The U.S. Agriculture Department said on Thursday morning
that export sales of corn for the 2013/14 marketing year were
827,100 tonnes in the latest reporting week, topping forecasts
for 550,000 to 750,000 tonnes.
* Wheat export sales of 656,100 tonnes also topped the range
of expectations.

MARKET NEWS
* The yen faced pressure in early Asian trade on Friday,
ahead of the outcome of a Bank of Japan meeting at which
policymakers were expected to maintain their commitment to
ultra-easy monetary policy.
* U.S. crude oil futures rose 1 percent on Thursday spurred
by U.S. refinery oil demand to meet robust distillate exports
and as traders bought contracts to cover short positions.
* U.S. stocks finished mostly flat on Thursday as investors
paused after a rally in the previous session, though the Dow
closed at its second record high in a row.

DATA (GMT)
0700 Germany GfK consumer sentiment
0700 Germany Producer prices

0745 France Business climate
1330 U.S. Final Q3 GDP
1500 Euro zone Consumer confidence

Grains prices at 0130 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 609.00 -1.75 -0.29% -0.61% 646.57 18
CBOT corn 429.25 -1.25 -0.29% +1.00% 430.92 56
CBOT soy 1323.25 -3.75 -0.28% -0.06% 1318.13 47
CBOT rice $15.34 -$0.02 -0.16% +0.46% $15.66 35
WTI crude $98.85 -$0.19 -0.19% +1.07% $95.55 68
Currencies
Euro/dlr $1.364 -$0.002 -0.15% -0.30%
USD/AUD 0.888 0.001 +0.16% +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 Ed Davies)