* Soybeans up 13% so far in 5 weeks
* Corn set for positive finish as market eyes USDA forecast (Adds quote in paragraph 3, updates prices)
SINGAPORE, Sept 11 (Reuters) - Chicago soybean futures rose on Friday, with the market on track for a fifth consecutive weekly gain on strong demand from China, the world’s largest importer of the oilseed.
Corn gained ground with prices set to finish the week higher ahead of a U.S. Department of Agriculture (USDA) report expected to reduce its estimate for U.S. production due to adverse weather.
“Chinese demand is strong across the grains complex at present,” said Phin Ziebell, agribusiness economist, National Australia Bank. “I think the big question is whether there is something bigger going on regarding China’s food balances.”
The most-active soybean contract on the Chicago Board Of Trade has gained 1.2% this week. The market was trading up 0.2% at $9.79-3/4 a bushel, as of 0328 GMT.
Corn is up 2.2% for the week, after closing down 0.3% in the previous week, while wheat is little changed this week.
China has been snapping up U.S. agriculture products.
Traders were also taking positions ahead of key monthly supply and demand reports from the USDA due later in the day.
Analysts on average expect the government to lower its estimates of U.S. 2020/21 corn and soybean production. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
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