July 17, 2020 / 1:47 AM / 24 days ago

GRAINS-Wheat firms, set for third straight weekly gain

SYDNEY, July 17 (Reuters) - U.S. wheat futures edged higher on Friday as concerns over global supplies pushed the grain towards weekly gains of more than 0.5%.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade up more than 0.5% for the week, the third straight weekly gain.

* Wheat rose 0.4% to $5.37-1/2 a bushel after closing down 2.8% on Thursday.

* The most active soybean futures little changed for the week after three weeks of consecutive gains.

* The most active corn futures up more than 0.5% for the week, the third straight weekly gain.

* Consultancy Strategie Grains on Thursday further reduced its forecast for this year’s soft wheat harvest in the European Union.

* U.S. Department of Agriculture confirmed sales of 522,000 tonnes of U.S. soybeans to China and another 351,000 tonnes to unknown destinations.

* China has also booked more than 3 million tonnes of U.S. corn since July 10.

MARKET NEWS

* The dollar held onto gains against most currencies as worries that a resurgence in the coronavirus is starting to curb economic activity drew safe-haven flows into the U.S. currency.

* Oil prices fell 1% on Thursday after OPEC+ agreed to ease record supply curbs and as new infections of the novel coronavirus continue to surge in the United States.

* The S&P 500 dropped on Thursday, pulled lower by Microsoft Corp and Apple Inc, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases. (Reporting by Colin Packham; Editing by Shailesh Kuber)

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