GRAINS-U.S. wheat extends losing streak; corn, soy weak too

(Updates prices with U.S. trading, adds new analyst comment, changes dateline, byline) CHICAGO, May 16 (Reuters) - U.S. wheat futures fell for the eighth straight session on Friday, on track for their longest losing streak since June, due to poor demand for U.S. offerings on the export market despite the streak of declines. "There is not a lot of business being done," said Mark Schultz, analyst at Northstar Commodity in Minneapolis. "Even though we have gone lower, we still didn't pick up any new business." Corn and soybean futures were slightly lower, consolidating after posting sharp declines earlier in the week. A bearish tone hung over the market due to expectations for good planting progress across much of the U.S. Midwest in the coming weeks. For the week, Chicago Board of Trade soft red winter wheat was down 5.8 percent, and could record its biggest weekly decline in four months. CBOT corn was off 4.5 percent for the week, which would be its biggest weekly loss since September. CBOT soybeans have fallen 2.1 percent so far the week. Wheat posted the biggest declines on Friday. Losses in K.C. hard red winter wheat and MGEX spring wheat contracts outstripped declines in the benchmark Chicago Board of Trade soft red winter wheat contracts due to improved weather forecasts for the high-protein varieties grown in the U.S. Plains. "Drier weather in the northwestern Midwest and northeastern Plains is allowing planting progress to improve," said Don Keeney, agricultural meteorologist at MDA Weather Services. "The drier pattern there is also favoring spring wheat planting." Keeney said his forecast called for some rain next week in the western central and southwestern Plains, key hard red winter wheat growing areas. At 11:21 a.m. CDT (1621 GMT), CBOT soft red winter wheat for July delivery was down 5-3/4 cents at $6.72-1/2 a bushel. CBOT wheat has lost 8.1 percent during the losing streak. K.C. hard red winter wheat for July delivery was 13 cents lower at $7.65-3/4 a bushel, and MGEX July spring wheat was down 16-3/4 cents at $7.38-1/4 a bushel. Egypt's GASC, one of the world's largest buyers of wheat, said on Friday it bought 60,000 tonnes of Ukrainian wheat for shipment in June. U.S. wheat was not offered in the tender.

CBOT July soybeans were down 1-3/4 cents at $14.68-1/2 a bushel, and CBOT July corn was 2 cents lower at $4.82-1/4 a bushel, trending near its lowest since March 31.

Prices at 11:24 a.m. CDT (1624 GMT)

LAST NET PCT YTD CHG CHG CHG CBOT corn 479.25 -1.75 -0.4% 13.6% CBOT soy 1401.25 -0.50 0.0% 6.8% CBOT meal 455.90 0.50 0.1% 4.2% CBOT soyoil 40.80 -0.19 -0.5% 5.1% CBOT wheat 680.75 -6.25 -0.9% 12.5% CBOT rice 1450.50 2.50 0.2% -6.5% EU wheat 199.75 0.75 0.4% -4.4% US crude 102.10 0.6 0.6% 3.7% Dow Jones 16,454 7 0.0% -0.7% Gold 1292.36 -3.64 -0.3% 7.2% Euro/dollar 1.3701 -0.0009 -0.1% 0.4% Dollar Index 80.0270 0.0240 0.0% 0.0% Baltic Freight 1027 6 0.6% -54.9%

In U.S. cents, benchmark contracts, except EU wheat (euros) and soymeal (dollars). CBOT wheat, corn and soybeans per bushel, rice per hundredweight, soymeal per ton and soyoil per lb.

(Editing by Jeffrey Benkoe)