RPT-GRAINS-U.S. soybeans face biggest weekly decline in 4 years

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SINGAPORE, July 26 (Reuters) - U.S. soybean futures
slid 1 percent on Friday and remained on track for their biggest
weekly drop since September 2009, with the physical market
sinking on poor demand for old-crop supplies.
New-crop December corn edged higher after four straight
sessions of decline that were triggered by near-perfect weather
aiding the U.S. crop, while wheat was little changed in early
Asian trade.

FUNDAMENTALS
* End-users are beginning to quit buying expensive old-crop
soybean supplies on prospects for a record-sized crop and lower
prices in the future due to good U.S. weather. An increase in

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farmers selling their remaining supplies of old-crop soybeans
also hit prices.
* Spot basis bids basis for corn and soybeans plummeted
across the U.S. Midwest on Thursday in a wave of declines
typically seen during the autumn harvest.
* Below-average temperatures and occasional showers through
the end of July will aid the pollinating U.S. corn crop and
boost growth of the soybean crop, an agricultural meteorologist
said.
* CBOT sources said that over the past three days commodity
funds sold an estimated 31,000 contracts, or 155 million bushels
of soybeans valued at roughly $2.356 billion based on Monday's
closing price of $15.20-1/4 for August.
* Tight stocks of soybeans and soymeal due to
drought-reduced production last season had led to huge buying of
each commodity by commodity funds, leading to a large buildup of
long positions in each futures market.

MARKET NEWS

* The dollar languished at one-month lows against a basket
of major currencies on Friday, having suffered a setback
overnight as investors turned cautious ahead of next week's
Federal Reserve policy meeting.
* Oil prices inched higher in quiet trade on Thursday, while
gasoline futures dropped nearly 4 cents per gallon, dragged down
by a rapid plunge in the cost of ethanol credits.
* The Nasdaq climbed on Thursday, led by a rally in Facebook
a day after its earnings, but the broader market's advance was
modest after another round of mixed earnings reports.

DATA/EVENTS (GMT)
0600 Germany Import prices
0645 France Consumer confidence

Prices at 0049 GMT
Contract Last Change Pct chg MA 30 RSI
CBOT wheat 649.25 0.00 +0.00% 866.05 29
CBOT corn 479.25 0.50 +0.10% 757.88 14
CBOT soy 1220.00 -4.00 -0.33% 1571.21 22
CBOT rice $15.73 -$0.02 -0.13% $15.49 57
WTI crude $105.45 -$0.04 -0.04% $89.50 50
Currencies
Euro/dlr $1.327 $0.098
USD/AUD 0.924 -0.131
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Joseph Radford)