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Corn firms, on course for weekly loss of 1%

U.S. corn futures edged higher on Friday but the grain was poised to record weekly losses of 1% amid forecasts for bigger global supplies than previous expected.

Soybeans edged higher as the oilseed shrugged off expectations for a bumper South American production, while wheat was on course to post weekly losses of 1%.

The most-active corn futures on the Chicago Board Of Trade were up 0.4% at $5.43-1/4 a bushel by 0226 GMT, having gained 1.2% in the previous session.

Corn had fallen more than 4% earlier this week, and analysts said the market is less bullish amid signs U.S. export demand is slowing.

“Consolidation that perhaps suggests the looser longs have been shaken out for now. U.S. export sales were solid over the past week but not startlingly so,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Corn, however, is on course to notch its first weekly decline in three after the USDA disappointed traders with a smaller-than-expected reduction in U.S. corn stocks despite the massive recent export sales to China.

The most-active wheat futures were unchanged at $6.33-1/4 a bushel after closing 2.2% lower in the previous session.

Wheat is down 1.2% for the week, their second consecutive weekly loss.

The most-active soybean futures were up 0.1% at $13.68-1/2 a bushel after closing 1% higher in the previous session.

Soybeans are little changed for the week after edging lower in the previous week.

Soybean production in Brazil will reach a record 133.817 million tonnes, the country’s agricultural statistics agency, Conab, predicted. It pegged Brazil’s total corn crop at 105.482 million tonnes, 3.169 million tonnes above its January forecast.
Source: Reuters (Reporting by Colin Packham; Editing by Krishna Chandra Eluri)

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