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GRAINS-Corn edges lower, set to finish week in positive terrain

SYDNEY, Nov 9 (Reuters) - U.S. corn futures edged lower on Friday, retreating from their highest in more than two months touched in the previous session, though the grain was poised to finish in positive territory after the U.S. Department of Agriculture (USDA) pegged lower North American supplies. FUNDAMENTALS * The most active corn futures on the Chicago Board Of Trade up nearly 0.5 percent for the week, set for the third straight weekly gain. * Corn hit a high of $3.79 a bushel on Thursday, the highest since Aug. 20. * The most active soybean futures dropped 1 percent for the week after posting gains of more than 5 percent in the previous week. * The most active wheat futures dipped nearly 0.5 percent for the week after posting gains of 0.7 percent in the previous week. * USDA in a monthly supply/demand report nearly doubled its forecast of 2018-19 world corn ending stocks to 307.51 million tonnes from 159.35 million last month. * The change reflected a huge increase in the USDA's estimate of Chinese corn stocks following revisions by the Chinese government. * The USDA cut its forecast of U.S. 2018-19 corn ending stocks to 1.736 billion bushels from 1.813 billion in October. * The government trimmed its U.S. corn yield estimate to 178.9 bushels per acre from 180.7 bushels per acre. Some analysts warned of possible further reductions following a rain-slowed harvest. MARKET NEWS * The dollar gained against its major peers on Friday as the U.S. Federal Reserve kept interest rates steady but reaffirmed its monetary tightening stance, setting the stage for a rate hike in December. * Oil prices fell nearly 2 percent on Thursday as investors focused on swelling global crude supply, which is increasing more quickly than many had expected. * The S&P 500 and Nasdaq closed slightly lower on Thursday after a Federal Reserve statement, and energy stocks were the biggest drag on the S&P as U.S. crude oil prices fell. DATA AHEAD (GMT) 0130 China Consumer prices Oct 0130 China Producer prices Oct 0930 UK Preliminary GDP Q3 0930 UK Industrial output Sept 1500 U.S. University of Michigan sentiment index Nov 1500 U.S. Wholesale sales Sept (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

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