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GRAINS-Wheat slips from five-year high, dry weather concerns limit losses

* Dry weather in U.S., Black Sea regions supports wheat prices

* Soybeans dip after rally, Brazil planting delays in focus (Adds quote in paragraph 3; details on Ukraine crop weather, fund positioning)

SINGAPORE, Oct 7 (Reuters) - Chicago wheat futures on Wednesday slipped from their five-year high hit in the last session, but losses were limited by concerns over dry weather in key exporting nations.

Soybeans slid after climbing to their highest in nearly 2-1/2 years due to lack of moisture during the planting season in Brazil.

“The weather for 2021 Black Sea and U.S. Hard Red Winter wheat crops continues to bolster the market,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. “Forecasters continue to expect little rain in the dry parts of both crop regions.”

The most-active wheat contract on the Chicago Board Of Trade (CBOT) was down 0.3% at $5.91 a bushel, as of 0317 GMT, having hit a 2015 high of $6.01-3/4 a bushel on Tuesday.

Soybeans fell 0.3% to $10.41-1/4 a bushel, having firmed 2.2% in the last session when prices climbed to $10.53-3/4 a bushel, their highest since May 2018.

Corn was up 0.1% at $3.85-1/4, having risen to an eight-month high on Tuesday.

The dry conditions in South America could boost already-robust demand for U.S. supplies as farmers in Brazil struggle to plant soybeans in the parched soils.

A lack of rain in the coming days should further delay Brazil’s planting, consulting firm AgRural said on Monday.

The U.S. soybean harvest was 38% complete as of Sunday, the U.S. Department of Agriculture said in a weekly crop progress report on Monday, ahead of the five-year average of 28% and the average estimate in a Reuters analyst poll of 36%.

The U.S. corn crop was 25% harvested, the USDA said, just ahead of the five-year average of 24%, though behind the average analyst estimate of 26%.

Rains across much of Ukraine have improved conditions for the winter grain sowing, reducing concerns about the 2021 grain harvest after a severe drought, APK-Inform consultancy said on Tuesday.

Commodity funds were net buyers of CBOT corn, soybean, soymeal, wheat and soyoil futures contracts on Tuesday, traders said. (Reporting by Naveen Thukral; Editing by Vinay Dwivedi)

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