GRAINS-Corn set for biggest weekly decline in a year on friendly U.S. weather

* Corn down 5.6 percent this week, falls for 2nd week in a row

* Soybeans suffer biggest weekly loss in six months

* Forecasts of cool, wet weather in the U.S. Midwest weighs

(Adds details, quotes) SINGAPORE, June 23 (Reuters) - Chicago corn was poised for its biggest weekly decline in a year on Friday with the market falling for a second consecutive week, weighed down by forecasts of crop-friendly weather in the U.S. Midwest. Soybeans faced their biggest weekly loss since December, while wheat is set to end the week in negative territory following two weeks of strong gains. The Chicago Board of Trade most-active corn contract has given up 5.6 percent this week, biggest loss since June 2016. Soybeans are down nearly 3.5 percent for the week, the most since December. In the previous session, the market hit a low of $9.03 a bushel, the weakest since April 2016. Wheat is down around 1 percent after rallying 8.3 percent in the last two weeks. "Weather concerns for U.S. corn and soybean crops have eased, both markets in bearish mood," said Kaname Gokon of Tokyo brokerage Okato Shoji. "But for the wheat market we are expecting tighter supplies following weather issues in the United States and Europe, that should support prices." Corn and soybean prices are being pressured by more mild temperatures moving into the U.S. Midwest crop belt. The month of July weather is crucial for determining yields of the U.S. corn crop. Weekly U.S. export sales of soybeans, corn and wheat were generally in line with estimates, or worse. Much-needed rainfall is forecast in the coming days in the northern U.S. Plains, where spring wheat crop has been suffering from dry weather, while in France the extent of damage from extreme heat is unclear. The wheat market is easing from multi-month highs reached earlier this week. The gains were prompted in part by worries of low protein content in the winter wheat harvest as farmers in the top-growing state of Kansas continued to gather their crop and dryness in northern Plains. Soggy spring conditions in key crop-growing areas of the Canadian Prairies left farmers unable to plant as much as they intended, but canola seedings still look record-large, according to a Reuters survey of 16 traders and analysts, ahead of a government report next week. Investment funds were net sellers of all three commodities, unloading an estimated 13,000 corn futures contracts, 12,500 soy contracts and 2,500 wheat contracts, traders said.

Grains prices at 0227 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 460.50 -0.75 -0.16% -0.86% 440.75 59 CBOT corn 362.50 -0.25 -0.07% -1.69% 373.48 30 CBOT soy 906.50 2.50 +0.28% -1.33% 935.97 26 CBOT rice 11.13 $0.02 +0.18% -0.45% $11.08 45 WTI crude 42.83 $0.09 +0.21% +0.71% $47.17 25


Euro/dlr $1.116 $0.001 +0.06% -0.08% USD/AUD 0.7545 0.000 +0.05% -0.07%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)