SYDNEY, Nov 13 (Reuters) - U.S. soybeans edged lower for a second straight session on Friday, though the oilseed was poised to record weekly gains of nearly 4% on tightening global supplies.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade was up nearly 4% this week, on track for their second straight weekly gain.

* Soybeans fell 0.4% at $11.41-1/2 a bushel by 0244 GMT, after closing down 0.6% on Thursday.

* The contract hit a June 2016 high of $11.62-1/4 a bushel earlier in the week.

* The most active corn futures was down nearly 0.5% this week, from a gain of 2.1% last week.

* The most active wheat futures was down more than 3% for the week, after gaining 0.6% last week.

* The U.S. Department of Agriculture (USDA) earlier this week lowered its estimate of the U.S. 2020/21 soybean yield to 50.7 bushels per acre, below the lowest in a range of trade expectations.

* The Rosario Grains Exchange estimated Argentina's wheat harvest at a five-year low of 16.7 million tonnes.

MARKET NEWS

* The dollar headed for its best week against the yen since March, as COVID-19 vaccine news lured investors out of the Japanese safe haven, though riskier currencies have made little headway as the pandemic worsens in Europe and the United States.

* Oil prices fell in early trade as a spike in the number of COVID-19 infections raised fears for the global economy and near-term fuel demand, but remained on track for a second straight weekly gain amid hopes for a vaccine.

* Stocks in Asia were poised to pull back after markets in the United States and Europe sold off on concerns over rising coronavirus infections.

(Reporting by Colin Packham; Editing by Rashmi Aich)