Corn firms, set for 1% weekly loss on USDA estimate
- The most-active wheat futures were down 1% for the week, their second consecutive weekly loss.
CANBERRA: US corn futures edged higher on Friday, but were poised to record weekly losses of 1% as the US Department of Agriculture's corn stock outlook came in higher than expected.
FUNDAMENTALS
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 notched its first weekly decline in three after the USDA disappointed traders with a smaller-than-expected reduction in US corn stocks despite massive recent export sales to China.
The most-active soybean futures rose 0.5% for the week after edging lower in the previous week.
The most-active wheat futures were down 1% for the week, their second consecutive weekly loss.
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.
The USDA on Thursday reported weekly export sales of wheat at 635,400 tonnes, corn at 1.461 million tonnes and soybeans at 983,200 tonnes.
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