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GRAINS-Soybeans firm, on course for biggest weekly gain in 11 months

SYDNEY, Aug 28 (Reuters) - U.S. soybeans edged higher on Friday as strong Chinese demand pushed the oilseed towards its biggest weekly gain in 11 months.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up more than 4% for the week, the biggest one-week jump since September 2019.

* Soybeans were last up 0.2% at $9.44-1/2 a bushel after jumping 1.9% on Thursday. Prices had hit their highest since January 2020 at 9.48-3/4 in the previous session.

* The most active corn futures were up more than 5% for the week, on track for a third straight weekly gain.

* The most active wheat futures were up more than 3% for the week, heading for a third straight weekly gain.

* Private exporters reported sales of 747,000 tonnes of corn to China and 140,000 tonnes of corn to unknown destinations, the U.S. Department of Agriculture (USDA) said on Thursday.

* The USDA said weekly export sales of wheat for shipment in the 2020/21 marketing year totalled 764,100 tonnes, topping forecasts that ranged from 400,000 tonnes to 700,000 tonnes.

MARKET NEWS

* The dollar held gains against major currencies, after the Federal Reserve’s aggressive new strategy to lift employment and increased tolerance for higher inflation pushed U.S. bond yields up.

* Oil prices fell in early trade as a massive hurricane raced inland past the heart of the U.S. oil industry in Louisiana and Texas, with a storm surge weaker than predicted.

* Asian equities are likely to have a bumpy ride on Friday after U.S. stocks scaled new peaks for a third straight day and bond yields surged on the Federal Reserve’s average-inflation strategy, as well as a promising development in curbing the coronavirus pandemic.

Reporting by Colin Packham; Editing by Subhranshu Sahu

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