GRAINS-Soybeans set for biggest weekly jump in 8 months
* Chicago soybeans up 3.7% this week, biggest since early Oct
* Wheat up for third week as weakening U.S. dollar supports (Adds details on wheat prices, fund activity, quote)
By Naveen Thukral
SINGAPORE, June 5 (Reuters) - Chicago soybean futures rose for a fourth consecutive session on Friday and were poised for their biggest weekly gain in eight months as strong demand underpinned prices.
Wheat was set for a third straight weekly rise while corn was on track for a second week of gains as a weakening U.S. dollar supported prices.
"The (soybean) market is being bolstered by good U.S. export sales," said Tobin Gorey, director of agriculture strategy at Commonwealth Bank of Australia.
"Many of those sales are on their way to China, despite all the other bluster between the two nations."
The most-active soybean contract on the Chicago Board Of Trade was up 3.7% for the week, so far the biggest weekly gain since early October.
Soybeans rose 0.4% to $8.71-1/4 a bushel by 0321 GMT, having hit their highest level since April 1 at $8.73-1/4 a bushel on Thursday.
Both wheat and corn were up more than 1% for the week.
The U.S. Department of Agriculture for the second day in a row confirmed sales of U.S. soybeans to unknown destinations.
Traders have said China was the likely buyer both times, despite rising political tensions between Beijing and Washington.
The dollar was near a three-month low against a basket of currencies, making greenback-priced commodities cheaper for importers holding other currencies.
Argentina's soy harvest has nearly concluded with 98.6% of the planted area yielding an average of 2.96 tonnes per hectare and the season's crop estimate unchanged at 49.5 million tonnes, the Buenos Aires Grains Exchange said.
Commodity funds were net buyers of Chicago Board of Trade corn, wheat, soybean and soymeal futures contracts on Thursday and net even in soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
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