* Corn trades near one-year low, down 2 pct this week
* Wheat set to finish week higher, while soybeans ease
(Adds details, quotes) Nov 10 (Reuters) - Chicago corn futures were set on Friday for a second week of decline, with prices trading near a one-year low as a U.S. government forecast of record yields weighed on the market. Wheat was on pace to finish the week higher, while soybeans were little changed after suffering in the previous session their biggest daily loss in nearly three months. The Chicago Board of Trade most-active corn contract is down around 2 percent this week, marking on Thursday its lowest since November 2016 at $3.40-3/4 a bushel. Wheat is up 0.8 percent for the week, its biggest weekly gain since mid-September. Soybeans are down 0.2 percent after climbing 1.2 percent last week. "We have surprisingly high U.S. corn yields, no one was expecting this," said one India-based agricultural commodities analyst of a U.S. crop report. "The idea is that if corn yields can be so high, the USDA might increase soybean yields in its next report." The U.S. Department of Agriculture (USDA) raised its corn crop forecast to 14.578 billion bushels, based on an average yield of 175.4 bushels per acre (bpa), which, if realized, would top a record set last year. The agency's 2.1 percent bump to its previous corn yield forecast signals this year's bumper harvest may get even bigger, as the government has in the past followed up late season increases with further upward adjustments. The soybean crop was expected to hit a record 4.425 billion bushels, on a yield of 49.5 bpa. The USDA said corn export sales jumped last week to a 5-1/2-year high of more than 2.9 million tonnes, including 2.3 million for shipment in the current marketing year, topping trade estimates. For soybeans, slowing purchases by China remain a concern. Brazil is expected to win a larger share of China's soybean imports in coming months, hitting U.S. exporters during peak marketing season for their most valuable farm product as the world grapples with a fifth consecutive bumper crop.
Commodity funds were net sellers of CBOT corn, soybean, soymeal and soyoil futures contracts on Thursday and net buyers of wheat, traders said.
Grains prices at 0314 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 428.75 -0.25 -0.06% +0.47% 432.61 47 CBOT corn 341.50 0.00 +0.00% -1.94% 348.68 26 CBOT soy 984.75 -0.25 -0.03% -1.38% 987.08 47 CBOT rice 11.44 $0.00 +0.00% -0.69% $12.02 31 WTI crude 57.04 -$0.13 -0.23% +0.40% $52.84 77
Euro/dlr $1.165 $0.001 +0.07% +0.47% USD/AUD 0.7681 0.000 +0.04% +0.08%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Tom Hogue)