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GRAINS-Soybeans face biggest weekly decline in month as supply glut weighs

* Soybeans down more than 2 pct this week, biggest since mid-Dec

* New forecast for Brazilian soybean crop see record production

* China soybean imports hit second-highest on record in December

(Adds details, quotes) SINGAPORE, Jan 12 (Reuters) - Chicago soybean futures were little changed on Friday with the market set for its biggest weekly decline since mid-December on pressure from large U.S. supplies and forecasts of a near-record Brazilian crop. Wheat is on track for a fourth consecutive week of gains on expectations that the U.S. Department of Agriculture will lower its estimates for planted area in a report due later in the day. The most-active soybean contract on the Chicago Board Of Trade is down more than 2 percent this week, the biggest weekly drop in a month. Wheat is up about half a percent this week, having risen 3.6 percent in four weeks of positive moves and corn is down 0.7 percent, the biggest weekly fall in a month. "Brazilian crop is looking good. There is dryness in Argentina but that will not make a huge difference as there are plenty of supplies," said Phin Ziebell, agribusiness economist at National Australia Bank. "Chinese demand is pretty strong, the December imports are big but right now the market is influenced by production, so it a supply side of story." Chinese imports of soybeans jumped to the second-highest volume on record in December, according to Reuters calculations based on customs data, boosted by strong demand in the run-up to next month's Lunar New Year holiday. Agroconsult on Thursday said Brazil should harvest 114.1 million tonnes of soybeans in the 2017/18 crop season, which would match an all-time record set in 2016/17. The consultancy in November forecast a 111-million-tonne harvest. But Argentine farmers will harvest 52 million tonnes of soybeans in the 2017/18 season, the Rosario grains exchange said in a report late on Wednesday, citing drought as its reason for cutting a previous forecast of 54.5 million tonnes. Due to weather-related delays in planting, the exchange cut its estimate of 17/18 soybean area to 18.5 million hectares from 18.8 million hectares previously. Analysts expect the USDA crop data to show smaller U.S. winter wheat plantings and a decline in U.S. corn ending stocks.

Weekly U.S. soybean export sales of 607,400 tonnes and corn sales of 437,800 tonnes were both within analyst estimates.

U.S. wheat exports dropped to 71,500 tonnes, a marketing-season low and below estimates for 250,000 to 450,000 tonnes. Commodity funds were net sellers of CBOT soybean, soymeal, soyoil and corn futures contracts on Thursday and net buyers of wheat, traders said.

Grains prices at 0327 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 433.50 0.25 +0.06% -0.17% 426.61 58 CBOT corn 348.75 0.00 +0.00% -0.07% 350.93 40 CBOT soy 950.00 0.00 +0.00% -0.52% 977.75 27 CBOT rice 11.75 $0.02 +0.17% -1.30% $12.10 34 WTI crude 63.63 -$0.17 -0.27% +0.09% $59.25 78

Currencies

Euro/dlr $1.205 $0.002 +0.13% +0.85% USD/AUD 0.7878 -0.001 -0.15% +0.46%

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

(Reporting by Naveen Thukral; Editing by Sunil Nair)