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.