September 6, 2019 / 1:41 AM / 14 days ago

GRAINS-Soybeans edge higher, set to finish week lower on ample global stocks

SYDNEY, Sept 6 (Reuters) - U.S. soybean futures edged higher on Friday, rebounding from losses of 1.6% in the previous session, but the oilseed was still set to finish the week in negative territory amid ample global supplies.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down more than 0.5% for the week after the oilseed closed up 1.5% last week.

* The most active corn futures were down nearly 3% for the week, set for a third weekly loss over the past month.

* The most active wheat futures were little changed for the week after slumping more than 3% last week.

* Soybeans are under pressure amid abundant global supplies.

* Commodity brokerage INTL FCStone raised its forecast of the U.S. 2019 soybean yield to 48.3 bushels per acre, from its Aug. 1 figure of 47.2.

* INTL FCStone projected Brazil’s 2019/20 soybean crop at 121.41 million tonnes, up from 115.07 million in 2018/19. The U.S. Department of Agriculture has projected Brazil’s 2019/20 crop at 123 million tonnes.

* The firm put U.S. soybean production at 3.661 billion bushels, down from 3.743 billion previously, reflecting a smaller harvested acreage figure from last month.

* China and the United States agreed to hold high-level talks in early October, raising hopes for a thaw in their trade dispute. China is the world’s top soy importer.

MARKET NEWS

* Oil prices were little changed on Thursday as support from a sharp drawdown in U.S. crude inventories was countered by fears of slowing global demand growth amid doubts over resolving the U.S.-China trade feud.

* Oil prices were little changed on Thursday as support from a sharp drawdown in U.S. crude inventories was countered by fears of slowing global demand growth amid doubts over resolving the U.S.-China trade feud.

* U.S. stocks surged on Thursday on expectations of a de-escalation in trade tensions after Washington and Beijing agreed to hold high-level talks next month, while strong U.S. economic data eased fears of a domestic slowdown.

Reporting by Colin Packham; editing by Richard Pullin

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