SINGAPORE, Feb 18 (Reuters) - Chicago wheat futures dipped on Friday after a strong performance in the previous session, although heightened tensions between leading grains suppliers Ukraine and Russia limited losses.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.2% at $8.03 a bushel, as of 0111 GMT, after gaining more than 3% in the previous session.

* Soybeans dipped 0.1% to $15.91 a bushel and corn lost 0.3% to $6.48 a bushel.

* Wheat is on track for a second weekly gain while soybeans are in the positive territory for a fifth week.

* U.S. President Joe Biden said on Thursday there was now every indication Russia was planning to invade Ukraine in the next few days and was preparing a pretext to justify it, after Ukrainian forces and pro-Moscow rebels traded fire in eastern Ukraine.

* The International Grains Council trimmed on Thursday its forecast for 2021/22 global corn production, partly driven by downgraded outlooks for Brazil and Argentina.

* In its monthly update, the inter-governmental body cut the forecast by 4 million tonnes to 1.203 billion.

* Argentina's agricultural heartland, hit by a drought that is affecting corn and soybean crops, is set for a week of scant rainfall before heavier precipitation towards the end of February, the Buenos Aires grains exchange said on Thursday.

* Argentina, the world's top exporter of processed soy and the no. 2 corn exporter, has been suffering from drought linked to the La Niña climate pattern, which has prompted deep cuts in forecasts for harvests of the two grains in recent months.

* Strong export demand lent support to soy futures.

* The U.S. Agriculture Department said on Thursday morning that export sales of soybeans totalled 2.888 million tonnes in the week ended Feb. 10, up from 2.446 million a week earlier.

* Separately, the USDA also said private exporters reported the sale of 120,000 tones of soybeans to unknown destinations, the third day in a row a deal for U.S. soy was announced.

* Commodity funds were net buyers of Chicago Board of Trade wheat, soybean, corn and soymeal futures contracts and net sellers of soyoil futures on Thursday, traders said.

MARKET NEWS

* Gold prices jumped to an eight-month high and safe-haven debt rose on Thursday after U.S. President Joe Biden said there was every indication Russia planned to attack Ukraine, while Moscow accused Washington of ignoring its security demands.

DATA/EVENTS (GMT) 0700 UK Retail Sales MM, YY Jan 0700 UK Retail Sales Ex-Fuel MM Jan 0745 France CPI (EU Norm) Final MM, YY Jan 1500 EU Consumer Confid. Flash Feb 1500 US Existing Home Sales Jan (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)