CANBERRA, July 30 (Reuters) - U.S. wheat futures, which
edged lower on Friday after rallying the previous day, were
poised to record weekly gains of more than 2.5% on global supply
concerns amid signs of lower-than-expected yields in a key U.S.
* The most active wheat futures on the Chicago Board of
Trade were down 0.5% at $7.01-1/2 a bushel by 0126 GMT,
having ended up 2.4% on Thursday when prices hit a one-week high
of $7.06-3/4 a bushel.
* Wheat up 2.5% for the week after closing 1.2% lower in the
* The most active soybean futures up nearly 1.5% for
the week after falling about 3% last week.
* The most active corn futures up more than 1.5% for
the week after declining 1.6% in the previous week.
* Scouts on the second day of the Wheat Quality Council's
annual tour found that spring wheat yield prospects in northwest
North Dakota were well below average.
* The final yield projection for North Dakota, the top U.S.
spring wheat producer, peg the state's yield at 29.1 bushels per
acre, far short of the crop tour average from 2015 to 2019 of
43.6 and the lowest on record going back to 1993.
* The International Grains Council cut its 2021/22 world
wheat crop outlook by one million tonnes to 788 million, with
the diminished outlook for North America partially offset by
improved prospects in the European Union.
* The IGC raised its forecast for world 2021/22 corn (maize)
production by one million tonnes to 1.202 billion tonnes.
* The dollar languished near a one-month low on Friday and
was poised for its worst weekly performance since May as dovish
remarks by the U.S. Federal Reserve together with underwhelming
economic data took the steam out of a month-long rally.
* Oil prices rose on Thursday, with global benchmark Brent
topping $76 a barrel, as supplies in the United States tightened
further after shrinking to the smallest levels since January
* U.S. shares bounded to record highs on Thursday helped by
strong company earnings and solid economic growth data, though
the Federal Reserve's message earlier this week that it was in
no hurry to taper stimulus pinned the dollar at a one-month low.
(Reporting by Colin Packham; editing by Vinay Dwivedi)