SYDNEY, June 26 (Reuters) - U.S. corn futures edged higher on Friday, rebounding from a six-week low hit in the previous session, though expectations of ample supplies and depressed demand pushed the grain towards weekly losses of more than 4%.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade were down more than 4% for the week, the biggest weekly slide since April 3.
* Corn fell 2.2% on Thursday when prices hit a May 12 low of $3.15 a bushel.
* The most active soybean futures down nearly 1% for the week, the first weekly side in five weeks.
* The most active wheat futures up more than 1% for the week, the first weekly gain in a month.
* Market eyes 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.
MARKET NEWS
* The dollar held firm on Friday as caution over rapid rises in U.S. coronavirus cases cast doubt over the reopening of the economy, keeping the allure of its safe-haven value.
* Oil prices rose in early trade, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production.
* Wall Street’s main indexes closed higher in choppy trading on Thursday, with bank stocks soaring ahead of annual stress test results and helping to offset investor jitters over alarming increases in new coronavirus cases.
