Corn set for weekly loss on favourable US crop weather

PARIS/SINGAPORE: Chicago corn futures steadied on Friday after a six-week low in the previous session, but stayed on course for a weekly drop as crop-friendly US weather reinforced expectations of a bumper harvest.

Soybeans edged lower as favourable growing conditions in the US Midwest also curbed the oilseed market.

Wheat inched down as it remained capped by improving prospects for northern hemisphere harvests, although it was set to rise over the week after hitting a nine-month low last Friday.

Grain markets were also turning their attention towards US Department of Agriculture planting and stocks estimates next Tuesday.

Analysts are expecting, on average, the USDA to show a modest shift from corn to soybeans compared with the agency's previous area projections.

"Crop conditions in the US corn belt are pretty good and likewise for corn in Ukraine," Nathan Cordier of consultancy Agritel said.

"With the big supply coming in corn, even with a reduced US plantings estimate the market is going to be heavy."

The most-active corn contract on the Chicago Board Of Trade was up 0.2% at $3.28-3/4 a bushel, as of 1115 GMT.

CBOT wheat was down 0.2% at $4.87-1/4 a bushel while CBOT soybeans inched down 0.1% to $8.67-3/4.

Forecasts of rains across the US Midwest have supported prospects of a large harvest, although latest weather outlooks also showed high temperatures expanding to part of the belt next week.

The International Grains Council on Thursday raised its forecast for global wheat and corn production.

In soybeans, traders were continuing to assess exports to China, setting a run of recent US sales for next season against large Chinese purchases of Brazilian soybeans for this season.