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GRAINS-Wheat dips, but set to finish week up 1%

SYDNEY, June 7 (Reuters) - U.S. wheat futures edged lower on Friday, though concerns about lower production in major exporters pushed the grain towards its fourth straight weekly gain.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of

Trade up nearly 1% for the week, poised for their four

straight weekly gain.

* The most active soybean futures dropped nearly 1% so far this week, set for the first weekly slide in a month.

* The most active corn futures down 1.5% for the week, on track for the first weekly decline in a month. Wheat supported by fears over production in Australia and Russia amid sustained dry weather.

* Markets also closely watching how crop in the U.S. Midwest endured recent wet weather.

* The U.S. Department of Agriculture reported export sales of U.S. soybeans in the week ended May 30 at 583,700 tonnes (old and new crop years combined), in line with trade expectations.

* USDA said sales of U.S. corn fell far below trade expectations. In the week ended May 30, U.S. exporters sold 14,800 tonnes, including net cancellations of 8,700 tonnes of old-crop corn and net sales of 23,500 tonnes of new-crop corn.

MARKET NEWS

* The dollar was under pressure on Friday and was poised for its worst weekly performance for the year, as investors waited on a key U.S. jobs report that is expected to back expectations for a near-term Federal Reserve rate cut to support a slowing economy.

* Oil prices rose around 1% on Friday to move further away from five-month lows hit earlier in the week, buoyed by a report that Washington could postpone trade tariffs on Mexico and signs OPEC and other producers may extend crude supply cuts.

* Wall Street's main indexes closed higher after a choppy session on Thursday as investors grew more optimistic on trade after reports that the United States is considering a delay in imposing tariffs on Mexican imports.

DATA/EVENTS (GMT)

0350 Japan Keynote speech by Bank of Japan

Governor Haruhiko Kuroda at the G20/GPFI Forum

0600 Germany Industrial Output MM April0730 UK Halifax House Prices MM May1200 Brazil IPCA Inflation Index MM May1230 US Non-Farm Payrolls May1230 US Unemployment Rate May1230 US Average Earnings YY May

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)