June 19, 2020 / 5:39 AM / 20 days ago

GRAINS-Wheat hovers near 8-month low, set for weekly loss of 4%

* Wheat under pressure from ample global supplies

* Soybeans to extend weekly gains into fourth straight week

* Corn little changed for the week

By Colin Packham

SYDNEY, June 19 (Reuters) - U.S. wheat futures slipped on Friday and lingered near an eight-month low hit in the previous session, as ample global supplies pushed the grain towards a weekly loss of nearly 4%.

Corn fell, while soybeans were on course for their fourth straight weekly gain.

The most active wheat futures on the Chicago Board Of Trade were down 0.2% at $4.83 per bushel after hitting an eight-month low of $4.81 a bushel on Thursday.

Wheat is down almost 4% for the week, their third straight weekly loss. Analysts said wheat was under pressure amid expectations for depressed export demand due to abundant global supplies.

“Until the market sees evidence of U.S. exports, the price slide is unlikely to come to halt,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.

Expectations of bumper global wheat production was stoked by brighter crop outlooks in the United States and Europe.

Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), bought 240,000 tonnes of wheat from Russia, Romania and Ukraine in an international purchase tender.

The most active corn futures were down 0.2% at $3.30-1/2 a bushel after closing up 0.2% on Thursday.

Corn is little changed for the week.

The most active soybean futures were up 0.2% at $8.74-3/4 a bushel after closing up 0.2% on Thursday.

Soybeans are up 0.4% for the week, their fourth straight weekly gain.

U.S. soybean exports totalled 1.920 million tonnes for the period ending June 11. They included 1.353 million tonnes sold to China, the biggest weekly total for the world’s top soybean buyer since September, the U.S. Agriculture Department said.

Reporting by Colin Packham; Editing by Amy Caren Daniel

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