November 1, 2019 / 1:25 AM / 16 days ago

GRAINS-Corn edges lower, set to end week nearly 1% higher

SYDNEY, Nov 1 (Reuters) - U.S. corn futures edged lower on Friday, though the grain was poised to record weekly gains of nearly 1% on concerns around potential harvest delays.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were up nearly 1% for the week, the first weekly gain in three weeks.

* Corn was down 0.1% at $3.89-3/4 a bushel by 0043 GMT. Corn hit a hit of $3.91-1/4 a bushel on Wednesday, the highest since Oct. 22.

* The most active soybean futures rose more than 1% for the week, the first weekly gain in three weeks.

* The most active wheat futures fell nearly 2% for the week, the second straight weekly loss.

* The market is anxiously watching for any sign that the U.S.-China trade war, which has hurt American exports of the oilseed and other farm products, may be thawing.

* China is the world’s biggest soybean importer and bought $12 billion worth of the crop from the United States in 2017, before the dispute.

* U.S. President Donald Trump has said China could buy as much as $50 billion of U.S. farm products as part of an interim trade deal. But the demand has become a major sticking point in talks to end the trade war, according to several people briefed on the negotiations.

* China purchased 481,000 tonnes of U.S. soybeans in the week ended Oct. 24 and shipped more than half a million tonnes, the most since August, according to the U.S. Department of Agriculture.

MARKET NEWS

* The dollar traded near a three-week low versus the yen on Friday before a U.S. employment report expected to show a slowdown in job creation, highlighting concerns about the health of the world’s largest economy.

* Oil edged lower in volatile trading, posting a second consecutive weekly loss as caution about Europe’s debt crisis and year-end positioning continued to spark selling into rallies.

* A rally in U.S. stocks fizzled, leaving major indexes with modest gains on Thursday, as Wall Street was torn between hope that U.S. economic data signals better times ahead and fear Europe’s debt crisis will engulf world economies. (Reporting by Colin Packham; editing by Uttaresh.V)

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