×

GRAINS-Corn flat, but set for first weekly rise in 6 weeks

(Updates prices, changes dateline/byline)

* Corn draws support from strong demand for U.S. supplies

* Soybeans set to finish the week up nearly 0.5 pct

* Wheat extends rebound after posting sharp fall

SYDNEY/PARIS, Sept 1 (Reuters) - U.S. corn traded sideways on Friday but was still poised to record its first weekly gain in more than a month, buoyed by strong Chinese economic data and signs of robust overseas demand for American supplies. The most active corn futures on the Chicago Board Of Trade were unchanged by 1136 GMT at $3.57-3/4 a bushel after jumping 3.6 percent on Thursday. Further deliveries were slightly lower. Underpinned by the biggest daily gain nearly two months, corn is up 1.2 percent for the week, the first weekly gain since mid-July. The United States Department of Agriculture reported export sales of U.S. corn in the latest week at 992,500 tonnes (old and new crop years combined), well beyond trade expectations for a range of 400,000-900,000 tonnes. "We have been waiting for U.S. exports to respond to low prices. This data unambiguously says they have," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. Despite the export-led rally, analysts said price rises were checked by expectations that U.S. production will be stronger than many had previously anticipated. Commodity brokerage INTL FCStone raised its estimate of the U.S. 2017 corn yield to 166.9 bushels per acre (bpa), from 162.8 in its previous monthly report. In other markets, the most active wheat futures were up 0.9 percent to $4.38-1/4 a bushel after closing up 1.1 percent on Thursday. Wheat is up 0.7 percent for the week after closing down 1.7 percent in the previous week. The most active soybean futures rose 0.3 percent to $9.47-3/4 a bushel after closing up 1.3 percent in the previous session. Soybeans are up nearly 0.5 percent for the week, the second straight weekly gain. INTL FCStone raised its forecast of the U.S. 2017 soybean yield to 49.8 bpa from its Aug. 1 figure of 47.7 bpa.

Prices at 1136 GMT

Last Change Pct End Ytd Move 2016 Pct

Move

CBOT wheat Mar 438.25 3.75 0.86 408.00 7.41 CBOT corn Mar 357.75 0.00 0.00 352.00 1.63 CBOT soy Mar 947.75 2.50 0.26 1004.00 -5.60 Paris wheat Dec 162.50 1.00 0.62 175.00 -7.14 Paris maize Nov 160.00 1.00 0.63 170.00 -5.88 Paris rape Aug 368.75 -0.75 -0.20 380.25 -3.02 WTI crude oil 46.97 -0.26 -0.55 53.72 -12.57 Euro/dlr 1.19 0.00 0.10

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne

(Reporting by Colin Packham and Sybille de La Hamaide; Editing