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GRAINS-Soybeans set for fifth straight weekly gain on Chinese demand

SYDNEY, Sept 11 (Reuters) - U.S. soybeans slipped for a second straight session on Friday, but were poised for a fifth weekly gain in a row on strong demand from China, the world’s largest importer of the oilseed.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade have gained nearly 1% so far this week.

* The most active corn futures were up 2% for the week, after closing down 0.3% in the previous week.

* The most active wheat futures were down nearly 0.5% for the week, heading for their first weekly loss in five.

* Traders were also taking positions ahead of key monthly supply and demand reports from the U.S. Department of Agriculture due later in the day.

* Analysts on average expect the government to lower its estimates of U.S. 2020/21 corn and soybean production.

MARKET NEWS

* The dollar clung to gains after a rout in stocks sent nervous investors to its safety, while sterling was poised for its worst week since March as British plans to break a divorce treaty with Europe rekindled the spectre of a no-deal Brexit.

* Oil prices extended declines with Brent dropping further as rising stockpiles and weak demand amid the economic carnage of the coronavirus pandemic kept pressure on prices.

* Asian markets were expected to fall in response to declines in technology stocks that began last week and growing concerns about another round of negotiations on the UK’s departure from the European Union. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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