GRAINS-Soybeans consolidate as market assesses China outlook

Gus Trompiz and Naveen Thukral

* Soybeans set for weekly gain after rebound from 2-month low

* Traders waiting for signs of demand from trade deal

* South American crop, coronavirus impact cloud U.S. prospects

* Wheat, corn steady; firm dollar caps prices (Updates with European trading, changes byline/dateline)

PARIS/SINGAPORE, Feb 7 (Reuters) - Chicago soybeans were little changed on Friday and were on course for a weekly gain, as traders sought a clearer picture on the impact of a coronavirus outbreak in China and awaited Chinese imports under a trade deal with Washington.

Corn ticked up after two consecutive sessions of losses and wheat inched lower as the cereal markets weighed signs of healthy U.S. corn exports against a firm dollar and prevailing uncertainty over Chinese demand.

Grain market traders were also turning their attention towards next week's monthly supply and demand forecasts from the U.S. Department of Agriculture.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down a quarter of a cent at $8.80-3/4 a bushel, as of 1237 GMT.

The contract is up nearly 1% so far this week after recovering from a two-month low of $8.68-3/4 on Monday.

Soybeans have tracked a broad recovery in commodity markets this week as jitters over the economic fallout from the fast-spreading coronavirus subsided.

China said on Thursday it would halve additional tariffs levied against U.S. goods including soybeans last year, helping steady prices.

A lack of significant Chinese purchases of U.S. soybeans since the "phase 1" trade agreement signed by Beijing and Washington last month and the prospect of stiff competition from an expected bumper Brazilian harvest kept U.S. traders cautious.

"Soybeans are caught between a large South American crop and China," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"At the moment, the market is likely treading water to sliding backwards until China shows their hand with a bit of real buying."

U.S. export sales of soybeans to China fell to their lowest in nearly five months in the week ended Jan. 30, a weekly U.S. Department of Agriculture (USDA) report showed on Thursday.

The USDA also said on Thursday its monthly supply and demand estimates on Feb. 11 would factor in the broad goals of the U.S.-Chinese trade deal but not details of China's purchase commitments.

China's customs office said on Friday it would not issue preliminary trade data for January but would combine January and February data.

CBOT corn was up 0.4% at $3.80-3/4 a bushel and wheat was up 0.1% at $5.57.

The dollar extended gains on Friday to reach its highest in nearly four months against a basket of currencies.

"U.S. agriculturals are under additional price pressure from the upcoming crop in South America and the strong U.S. dollar, which is already offsetting the effect of China's partial withdrawal of the import tariffs on US products," Commerzbank analysts said.

(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore, Editing by Sherry Jacob-Phillips and Edmund Blair)