May 8, 2020 / 2:18 AM / 25 days ago

GRAINS-Soybeans hit 1-week high, but set to post weekly loss

SYDNEY, May 8 (Reuters) - U.S. soybeans edged up to a one-week high on Friday as Chinese demand underpinned prices, although the oilseed stayed on course to post weekly losses due to concerns about the state of U.S.-China relations.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down nearly 0.5% for the week, after gaining 1.2% in the previous week.

* Soybeans were up 0.4% at $8.48 a bushel by 0151 GMT, near the session high of 8.48-3/4 a bushel - the highest since May 1. Soybeans firmed 1.4% on Thursday.

* The most active corn futures were up nearly 0.5% for the week, after losing 1.4% in the previous week.

* The most active wheat futures were up 1% for the week, set for the first weekly gain in four.

** Tensions have flared up between Washington and Beijing over the origins of the coronavirus, raising fears of an escalation in the trade war between the two economic giants.

* The U.S. Department of Agriculture (USDA) is scheduled to release its latest supply-and-demand report next week. The report is expected to show stocks of wheat, corn and soybeans remained ample.

* The USDA on Thursday confirmed private sales of 686,000 tonnes of U.S. corn to China for shipment in the current and upcoming marketing years. That followed several daily soybean sales announcements in recent days.

* Frosty temperatures expected in the U.S. Midwest on Saturday could threaten newly planted corn crops and developing soft red winter wheat, according to meteorologists.

* Weekly USDA export sales data released early on Thursday showed corn, soybean and wheat net export sales largely in line with trade expectations.

MARKET NEWS

* The dollar slipped on Friday as investors defied a broader sense of doom around upcoming U.S. employment data and found reasons to buy riskier currencies with more governments slowly reopening their economies for business.

* Oil prices slipped on Thursday as global supply and demand worries erased earlier gains seen from an increase in Saudi Arabia’s official crude selling price and a surprise rise in Chinese exports last month.

* Wall Street’s indexes climbed on Thursday, with the Nasdaq erasing losses for 2020, following a clutch of upbeat earnings reports led by PayPal as investors looked past more weak jobs data caused by the coronavirus-induced economic downturn.

Reporting by Colin Packham; Editing by Aditya Soni

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