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GRAINS-Wheat prices face second week of losses on record world supplies, improved weather

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SINGAPORE, March 16 (Reuters) - Chicago wheat ticked up on Friday but the market was poised for a second week of decline, weighed down by abundant global supplies and improved weather in some of the key northern hemisphere suppliers. Corn slid for a third session despite strong demand for U.S. cargoes while soybeans were little changed.

FUNDAMENTALS

* The Chicago Board of Trade most-active wheat contract has given up 4 percent in two weeks of decline, the biggest 2-week fall since mid-December.

* Corn is down 1.2 percent this week, after closing higher for the last two weeks, while soybeans are set to finish the week little changed, having dropped 3 percent last week.

* Favorable weather ahead of spring grain sowing in Black Sea producers Russia and Ukraine is bolstering the chances of another large harvest due to good levels of soil moisture, analysts and industry officials said.

* Active spring grain sowing in Russia and Ukraine, major global exporters of the foodstuff, is expected to start later than last year due to a delayed spring and deep snow cover.

* Rains next week in the northeast section of the drought-hit U.S. southern Plains are expected to boost soil moisture, although parts of Kansas and Oklahoma were likely to remain abnormally dry, meteorologists said.

* Egypt's state-buyer GASC bought 240,000 tonnes of Russian and Romanian wheat in a tender on Thursday. That was more wheat than the United States sold all of last week, when new sales totalled 219,500 tonnes, below expectations, according to the U.S. Department of Agriculture data.

* Importers are buying U.S. corn at the fastest pace since the mid-1990s, according to the USDA data, as tightening stocks in Latin America prompt a rush to purchase cargoes of the grain from animal feeders worldwide.

* U.S. soybean plants crushed more bushels of the oilseed than expected in February, exceeding last year's processing pace for the month by 7.7 percent and shattering a previous February record set in 2010, the National Oilseed Processors Association said.

MARKET NEWS

* Asian stocks were on the defensive on Friday as worries over the U.S. investigation into the Trump Organization tested investor nerves, already frayed by fears U.S. tariffs could hurt the global economy and trigger a trade war.

DATA AHEAD (GMT)

0700 Germany Wholesale price index Feb 1000 Euro zone Labour costs Q4 1230 U.S. Housing starts Feb 1230 U.S. Building permits Feb 1315 U.S. Industrial production Feb 1400 U.S. University of Michigan sentiment index Mar

Grains prices at 0108 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 480.25 1.50 +0.31% -1.28% 479.02 47 CBOT corn 386.25 -0.50 -0.13% -1.40% 379.03 70 CBOT soy 1041.00 0.25 +0.02% -0.74% 1034.43 53 CBOT rice 12.43 $0.02 +0.16% +1.30% $12.42 66 WTI crude 61.17 -$0.02 -0.03% +0.34% $61.73 44

Currencies

Euro/dlr $1.230 -$0.007 -0.54% -0.73% USD/AUD 0.7776 -0.010 -1.28% -1.03%

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

(Reporting by Naveen Thukral Editing by Joseph Radford)