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GRAINS- Corn set for best week in nearly 7 months on China demand

Jan 29 (Reuters) - Corn prices advanced on Friday and were on track for their biggest weekly gain in nearly seven months, buoyed by expectations of rising demand in China and tight supplies, while a soft U.S. dollar also lent support.

Soybean and wheat prices were also set for weekly gains.

FUNDAMENTALS

* The Chicago Board of Trade (CBOT) most-active corn contract climbed 0.8% to $5.39 a bushel by 0133 GMT.

* The benchmark contract, which rose to $5.50-1/2 in the previous session - the highest price since June 2013 - was so far up nearly 8% this week, its biggest weekly gain since early July.

* Soybean prices rose 0.5% to $13.60 a bushel, while wheat gained 0.4% to $6.49-1/2 a bushel.

* Hot weather has prompted Argentina, the world’s top exporter of soymeal livestock feed, to shave its estimate for its upcoming soy crop to 46 million tonnes, from 46.5 million tonnes earlier.

* Euronext is developing cash-settled futures for Ukrainian wheat to cater for the growing Black Sea grain export market.

* U.S. soybean crushings likely rose to 5.817 million short tons in December, or 193.9 million bushels, according to a Reuters poll of analysts ahead of a monthly U.S. Department of Agriculture report.

* Harvesting delays in Brazilian soybean fields should continue throughout February after a drought pushed back plantings of the oilseeds, according to Thaís Italiani, market intelligence coordinator at Hedgepoint Global Markets.

* In an unusual move, the U.S. oil industry is seeking to forge an alliance with the nation’s corn growers and biofuel producers to lobby against the Biden administration’s push for electric vehicles.

MARKET NEWS * Asian stocks were set to rise after U.S. shares rallied and the dollar eased overnight, as fears of social-media driven hedge fund selling abated and the U.S. earnings season got off to a strong start. * The dollar index was little changed at 90.566 early in the Asian day, after slipping 0.1% overnight.

DATA/EVENTS AHEAD (GMT) 0630 France GDP Preliminary QQ Q4 0900 Germany Unemployment Change, Rate SA Jan 0900 Germany GDP Flash QQ SA, YY NSA Q4 1330 US Consumption, Adjusted Dec (Reporting by Enrico Dela Cruz in Manila; Editing by Rashmi Aich)

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