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REFILE-GRAINS-Corn slips, set for weekly gains of over 4% on strong demand

(Corrects to remove extraneous word from headline)

SYDNEY, Oct 2 (Reuters) - U.S. corn futures edged lower on Friday, with prices retreating from a near seven-month high hit in the previous session, although strong demand pushed the grain towards weekly gains of more than 4%.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up more than 4% for the week, the biggest weekly gain since Aug. 28.

* Corn down 0.5% at $3.80-3/4 a bushel, after firming 1% on Thursday when prices hit a March 3 high of $3.85-1/2 a bushel.

* The most active soybean futures up nearly 2% for the week after falling 4% in the previous week.

* The most active wheat futures up more than 3.5% for the week after closing down 5.3% last week.

* The U.S. Department of Agriculture reported more than 2 million tonnes of corn sold in the week to Sept. 24. Weekly soybean export sales also exceeded expectations at nearly 2.6 million tonnes.

* American soybean and corn stockpiles were smaller-than-expected as China stepped up its purchases of U.S. supplies during the summer, the U.S. government said earlier this week.

MARKET NEWS

* The dollar drifted toward posting its softest week in more than a month, as revived hopes for a new U.S. stimulus package to boost the world’s biggest economy had investors seeking out riskier currencies.

* Asian markets were little changed, as a U.S. stimulus deal remained out of reach and investors waited on fresh U.S. employment data for a read on the economic toll from the COVID-19 pandemic.

Reporting by Colin Packham; Editing by Rashmi Aich

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