June 26, 2020 / 4:07 AM / 12 days ago

GRAINS-Corn futures set for weekly loss on favourable U.S. crop weather

* Rains across U.S. Midwest seen boosting corn production

* IGC raises forecasts for 2020/21 global wheat, corn crops

* China’s May soybean imports from Brazil hit highest monthly total in 2 years (Adds quote in paragraph, details on China soybean imports)

By Naveen Thukral

SINGAPORE, June 26 (Reuters) - Chicago corn futures on Friday edged higher for the first time in five sessions, though the market is poised for a weekly decline with crop-friendly U.S. weather lifting expectations of a bumper harvest.

Wheat is on track for a first weekly gain in four, while soybeans are set to end the week lower after a fourth weekly gain.

“We are heading for a supply glut in grains and oilseeds,” said on Singapore-based trader at an international grains company.

The most-active corn contract on the Chicago Board Of Trade is down almost 1% so far this week. The market was trading up 0.4% at $3.29-1/4 a bushel, as of 0345 GMT.

Wheat is up 1.5% for the week, while soybeans down 0.7%.

Forecasts of rains across the U.S. Midwest reinforced prospects of bumper crops this year.

The market is eyeing next week’s U.S. Department of Agriculture (USDA) quarterly grain stocks and U.S. planted acres reports.

Analysts polled by Reuters expect, on average, a modest shift in plantings from corn to soybeans and the second-largest June 1 soybean supply on record.

The International Grains Council on Thursday raised its forecast for global wheat and corn production.

In its monthly update, the inter-governmental body increased its global wheat crop forecast by 2 million tonnes to 768 million, up from the prior season’s 762 million.

The council put 2020/21 world corn production at 1.172 billion tonnes, up from its previous projection of 1.169 billion tonnes.

China’s soybean imports from top supplier Brazil soared in May to their highest in two years, according to customs data released late on Thursday, as backed-up cargoes that were delayed by bad weather in Brazil cleared customs. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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