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GRAINS-Corn prices extend gains as rains threaten U.S. planting

SYDNEY, June 21 (Reuters) - U.S. corn futures edged up on Friday, moving towards their highest in nearly five years as rains across a key producing region stoked fears farmers would be prevented from completing their full planting plans.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were largely unchanged for the week, after closing up 9% last week.

* Corn on Tuesday hit its highest since June 2014 at $4.64 a bushel.

* The most active soybean futures were up 2% for the week, on course for their second straight weekly gain.

* The most active wheat futures were down more than 1% for the week, set for the first weekly loss in six weeks.

* Widespread storms have already caused unprecedented delays in U.S. corn planting this spring.

* The weather problems heap more worries on a farm sector that has suffered from years of low crop prices and a U.S.-China trade war that is slowing agricultural exports.

* Weekly U.S. corn export sales totalled 399,200 tonnes, according to the U.S. Department of Agriculture. That was near the low end of market forecasts for 300,000 tonnes to 900,000 tonnes.

* Weekly U.S. soybean export sales reached 771,600 tonnes, near the high end of expectations for 200,000 tonnes to 800,000 tonnes. U.S. wheat export sales were 187,600 tonnes, below estimates for 200,000 to 500,000 tonnes.

* Soybean traders will keep an eye on next week's G20 summit as U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet there.

* An ongoing trade war between Washington and Beijing has slowed U.S. soybean exports to China, the world's top importer of the oilseed.

MARKET NEWS

* The dollar struggled to get on the front foot on Friday, and was poised for a weekly loss against major currencies.

* Oil soared more than 5% on Thursday after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington.

* The S&P 500 hit a record high on Thursday, lifted by Wall Street's expectations that the Federal Reserve will cut interest rates as soon as next month to keep the U.S.-China trade war from stalling economic growth.

Grains prices at 0106 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 527.75 1.25 +0.24% +1.05% 496.63 59CBOT corn 454.00 4.00 +0.89% +2.95% 413.38 72CBOT soy 916.25 0.75 +0.08% +1.44% 862.19 74CBOT rice 11.22 -$0.01 -0.09% -1.32% $11.44 28WTI crude 57.43 $0.36 +0.63% +6.83% $56.84 70

Currencies

Euro/dlr $1.129 $0.000 +0.02% +0.61%USD/AUD 0.6924 0.000 +0.03% +0.62%

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)