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GRAINS-Soybeans set for fifth weekly decline on U.S.-China trade spat

Naveen Thukral

* Soybeans face biggest weekly loss since August, down 3 pct

* U.S.-China trade tensions keep prices near 10-year low

(Adds detail, quote) SINGAPORE, May 10 (Reuters) - Chicago soybean futures ticked higher on Friday, but the market is set for a fifth consecutive weekly loss as the trade dispute between Washington and Beijing dragged prices lower. Corn is poised to end the week lower after gaining for the last two weeks on the back of planting delays in the U.S. Midwest. The most-active soybean contract on the Chicago Board of Trade is down 3.3% this week, poised for the biggest weekly slide since August 2018. Soybeans on Thursday hit their lowest since December 2008 at $8.06-1/2 a bushel. Corn has lost 4.6% this week, set for its largest weekly loss since March; and wheat is down 1.3%, on course for its fifth straight weekly decline. Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China. U.S. President Donald Trump has accused China of reneging on commitments it made in earlier talks and vowed to impose new tariffs on imports of Chinese goods at 1201 am EDT (0401 GMT) on Friday. China has threatened to retaliate. "U.S. has lost big market share in China," said one Singapore-based trader. "Buyers are all taking Brazilian beans." The U.S. Department of Agriculture (USDA) in a weekly report on export sales on Thursday said "unknown destinations" had cancelled purchases of 263,500 tonnes of U.S. soybeans. Brazil's agricultural agency Conab on Thursday raised its forecast for the nation's 2018-19 soy crop to 114.313 million tonnes. The USDA will on Friday issue a monthly report that is expected to confirm large U.S. inventories of soybeans, corn and wheat. On the technical front, the CBOT soybeans may fall more to $7.96, as it has cleared a support at $8.28, according to Wang Tao is a Reuters market analyst for commodities technicals. "The contract is riding on a fierce wave 3, which has a long way to travel," he added. Grains prices at 0321 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 432.75 3.25 +0.76% -1.54% 453.26 33CBOT corn 353.75 0.50 +0.14% -3.48% 367.03 29CBOT soy 814.00 1.25 +0.15% -2.02% 881.65 14CBOT rice 10.96 $0.03 +0.23% +0.23% $10.74 68WTI crude 62.05 $0.35 +0.57% -0.11% $63.28

Currencies

Euro/dlr $1.123 $0.004 +0.35% +0.29%USD/AUD 0.7001 -0.001 -0.14% +0.17%

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)