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Soybean prices dragged down as Brazil sends beans to US

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US weather, Ukrainian exports also in focus

MEXICO CITY, April 21 (Reuters) - U.S. soybean futures closed the week down on Friday, extending losses as cheap Brazilian beans were being snatched up by the United States, the second-largest soy producing country in the world.

A drop in prices due to abundant local supplies and cooling demand have made Brazil an attractive origin for soybeans, with at least two vessels carrying a combined 79,150 tonnes of Brazilian product heading to the U.S. in the next few days, according to shipping data.

"Soybeans are also trading headlines of Brazilian soybeans moving north to the U.S. Southeast," Arlan Suderman, StoneX chief commodities economist, said in a note to clients. "That generally has more of a psychological impact on the market than it does fundamental, but perception is reality in the market."

Corn futures ended lower on long liquidation and a positive outlook for U.S. planting weather, analysts said.

Wheat also finished weaker as markets watched for developments in talks over Ukrainian exports and monitored forecasts of rain relief in drought-hit parts of the U.S. Plains.

The most-active July soybean contract on the Chicago Board of Trade settled 19-1/2 cents lower at $14.49 per bushel.

CBOT July corn settled 10-3/4 cents lower at $6.15-1/4 per bushel, while wheat closed down 7 cents at $6.73 per bushel.

Weakness in crude oil, as economic worries hang over financial markets, continued to curb grain and oilseeds, which are partly used in biofuels.

Grain markets still faced uncertainty over exports from war-torn Ukraine, despite a resumption of vessel checks under a Black Sea deal and plans by the European Union to allow transit of Ukrainian grain to continue through eastern EU states.

The deal allowing the safe Black Sea export of Ukraine grain could start winding down next week after Russia said it will not approve any new vessels unless their operators guarantee the transits will be done by May 18. (Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sohini Goswami, Susan Fenton and Jonathan Oatis)