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GRAINS-Corn prices fall, set for biggest weekly loss in a year

SYDNEY, June 15 (Reuters) - U.S. corn futures edged down on Friday to hit a four-month low, with forecasts for crop-friendly weather set to push the grain towards its biggest weekly loss in a year.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade are down more than 4 percent for the week, on course for their biggest weekly slide in nearly a year.

* Corn had dropped 0.2 percent on Friday to $3.62-1/4 a bushel by 0148 GMT, near the session-low of $3.62 a bushel, the weakest since Feb. 9.

* The most active soybean futures are down more than 5 percent for the week, extending two-week losses to more than 10 percent.

* The most active wheat futures are down nearly 3.5 percent for the week, the third consecutive weekly slide.

* Favourable weather forecasts are raising expectations for bumper U.S. corn and soybean production.

* Concerns about trade tensions with China, the largest buyer of the oilseed, continue to overhang the market.

MARKET NEWS

* Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.

* Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.

* The S&P 500 edged up and the Nasdaq reached another record closing high on Thursday after the European Central Bank said it would avoid raising interest rates until mid-2019, and data showed U.S. economic strength.

DATA AHEAD (GMT)

0130 China House prices May 0600 Germany Wholesale price index May 0900 Euro zone Eurostat trade Apr 1230 U.S. New York Fed manufacturing Jun 1315 U.S. Industrial production May 1400 U.S. University of Michigan sentiment index Jun

Grains prices at 0148 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 502.25 0.75 +0.15% -2.76% 515.16 38 CBOT corn 362.25 -0.75 -0.21% -3.66% 391.84 27 CBOT soy 920.75 -6.50 -0.70% -1.63% 1001.22 10 CBOT rice 12.24 -$0.07 -0.57% +1.20% $12.02 65 WTI crude 66.94 $0.05 +0.07% +0.45% $68.72 53

Currencies

Euro/dlr $1.157 $0.000 +0.01% -1.87% USD/AUD 0.7463 -0.001 -0.20% -1.49%

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

(Reporting by Colin Packham Editing by Joseph Radford)