July 10, 2020 / 1:57 AM / a month ago

GRAINS-Wheat edges lower, but set for best week in four months

SYDNEY, July 10 (Reuters) - U.S. wheat futures edged lower on Friday, although concerns about reduced global production pushed prices of the grain toward their biggest weekly gain in nearly four months.

FUNDAMENTALS

* The most-active wheat futures on the Chicago Board Of Trade were set to gain more than 6% for the week.

* Wheat inched down 0.2% to $5.23-3/4 a bushel, after firming 1.6% to an April 28 high of $5.31 a bushel on Thursday.

* The most-active soybean futures were poised for a weekly gain of nearly 1%, their second consecutive rise.

* The most-active corn futures were set to advance 1% for the week, their second straight weekly gain.

* Investors were also on the watch for the United States Department of Agriculture’s (USDA) production report, due for release later on Friday.

* Analysts expect the USDA to trim its estimate for U.S. wheat production in the latest cut to global harvest estimates from crop forecasters around the world.

* Production forecasts have also declined this week for exporters like Argentina, Russia and France.

MARKET NEWS

* The dollar and other safe-haven currencies were well bid after a surge in new coronavirus cases in the United States further undermined the case for a quick economic recovery.

* Asian shares were set to open mostly lower on Friday, while oil prices headed for a weekly decline after steep falls in the previous session.

Reporting by Colin Packham; Editing by Devika Syamnath

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