GRAINS-Wheat dips as US dollar finds its footing, still set for weekly gain

Jan 30 (Reuters) - Chicago Board of Trade wheat futures fell on Friday as the U.S. dollar steadied, but were still on track for a fourth consecutive weekly gain thanks to the greenback's recent decline and cold weather threatening crops in major production regions.

Soybeans and corn also dipped, and both were headed for small weekly falls amid ample supply.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) wheat Wv1 had fallen 0.5% to $5.38-3/4 a bushel by 0229 GMT, while CBOT soybeans Sv1 fell 0.6% to $10.66 a bushel and corn Cv1 slipped 0.3% to $4.29-1/2 a bushel.

Wheat was up 1.7% from last Friday's close after reaching an eight-week high earlier in the week, with soybeans and corn set for weekly losses of 0.3% and 0.2%, respectively.

The U.S. dollar rose against a basket of major currencies, helped by a mildly hawkish Federal Reserve. But the erratic pronouncements of President Donald Trump have driven the currency down sharply in recent weeks, including to a four-year low on Tuesday. .DXY

A weaker dollar makes U.S. commodities more competitive on global export markets.

Meanwhile, extremely low temperatures will hit Ukraine next week, endangering winter crops, agricultural analysts and the national emergency service said.

The temperature drop will begin on February 1 and last several days, affecting all regions except southern Ukraine, the service said.

U.S. agricultural areas have also endured extreme cold in recent days, though snow cover will have protected many crops.

In Russia, the biggest wheat shipper, export prices rose for the second week in a row due to persistent bad weather at Black Sea ports, which analysts say will continue to hold back deliveries.

In other crops, recent rains across western Argentina improved soil moisture conditions for corn and soybeans, but more rainfall will be needed to avoid yield losses, the Buenos Aires Grain Exchange said.

MARKETS

Stocks were volatile in early Asian trading on Friday after U.S. President Donald Trump endorsed a bipartisan deal to avert a fresh government shutdown and said he has decided who he will nominate to lead the Federal Reserve. MKTS/GLOB

DATA/EVENTS (GMT)

0630 France GDP Preliminary QQ Q4

0745 France Producer Prices YY Dec

0855 Germany Unemployment Chg, Rate SA Jan

0900 Germany GDP Flash QQ SA, YY NSA Q4

1000 EU GDP Flash Prelim QQ, YY Q4

1000 EU Unemployment Rate Dec

1300 Germany CPI Prelim YY Jan

1300 Germany HCIP Prelim YY Jan

1330 US PPI Machine Manuf'ing Dec