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GRAINS-Soybeans set for weekly loss as U.S.-China trade deal unsigned

SYDNEY, Nov 8 (Reuters) - U.S. soybeans edged lower on Friday, with the oilseed poised to drop this week, on concerns that China and the United States have not been able to seal an agreement to end their trade dispute.


* The most active soybean futures on the Chicago Board Of Trade were down nearly 0.5% for the week after closing down 1.7% last week.

* The most active corn futures were down more than 3% for the week, the biggest weekly loss since Sept. 6.

* The most active wheat futures down 0.5% for the week, the third straight weekly loss.

* China and the United States have agreed to roll back tariffs on each others’ goods in a “phase one” trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump.

* The USDA said about 1.8 million tonnes of soybeans were sold for export last week, above expectations for 600,000 to 1.2 million tonnes. The sales included 956,300 tonnes bound for China.

* Corn and wheat export sales, however, were near the low end of trade expectations, which weighed on both markets.

* The USDA said private exporters sold another 136,000 tonnes of the soybeans to China this week.


* The dollar held on to its gains versus the yen and the Swiss franc on Friday as an agreement between the United States and China to roll back tariffs on each others’ goods supported riskier assets.

* U.S. crude oil futures fell on Friday amid fading hopes that a deal to end the lingering trade war between Washington and Beijing would be signed any time soon, the gloom compounded by rising crude inventories in the United States.

* The Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day’s gains.

Reporting by Colin Packham; Editing by Christian Schmollinger