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GRAINS-Corn near 4-month low, set for weekly decline on U.S. weather

Naveen Thukral

* Corn ticks up, but trades near weakest since mid-May

* Forecasts of benign U.S. weather keeps a lid on prices

(Adds details, quote) SINGAPORE, Sept 6 (Reuters) - Chicago corn futures edged higher on Friday but were set for a weekly loss as forecasts of crop-friendly U.S. weather weigh on the market. Wheat eased after days of gains on short-covering while soybeans edged higher as the market took a breather following last session's deep losses. The most-active corn on the Chicago Board Of Trade is down nearly 3% for the week, set for its third weekly loss over the past month. Soybeans were down around 0.5% this week while wheat is up half a percent. "The key fundamental factor is the U.S. weather which has put pressure on prices," said Phin Ziebell, agribusiness economist, National Australia Bank. "But any positive news from U.S.-China trade talks is likely to support soybean and corn prices." China and the United States agreed to hold high-level talks in early October, raising hopes for a thaw in their trade dispute. China is the world's top soy importer. The corn market is facing pressure from favourable weather in September across much of the U.S. Midwest, easing fears that late-planted crop could suffer yield losses. Soybeans are being weighed down by abundant global supplies. Commodity brokerage INTL FCStone raised its forecast of the U.S. 2019 soybean yield to 48.3 bushels per acre, from its Aug. 1 figure of 47.2. INTL FCStone projected Brazil's 2019/20 soybean crop at 121.41 million tonnes, up from 115.07 million in 2018/19. The U.S. Department of Agriculture has projected Brazil's 2019/20 crop at 123 million tonnes. Commodity funds were net sellers of CBOT soybean, corn, soyoil and soymeal futures contracts on Thursday and buyers of wheat futures, traders said.

Grains prices at 0305 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSICBOT wheat 464.75 -1.50 -0.32% +0.87% 481.63 47CBOT corn 359.75 1.00 +0.28% +0.35% 386.66 27CBOT soy 864.25 2.75 +0.32% -1.28% 874.08 40CBOT rice 11.92 -$0.04 -0.38% -0.54% $11.79 67WTI crude 56.41 $0.11 +0.20% +0.27% $55.31

Currencies

Euro/dlr $1.103 $0.000 -0.01% -0.01%USD/AUD 0.6813 0.000 +0.00% +0.25%

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

(Reporting by Naveen Thukral; Editing by Sriraj Kalluvila)