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.
    * 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
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)

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