* Wheat firms for third session, set for second week of
* Chicago corn futures ease on pressure from U.S. harvest
SINGAPORE, Sept 24 (Reuters) - Chicago wheat futures rose
for a third straight session on Friday and headed for their
second weekly gain, driven by concerns about tighter global
supplies due to adverse weather conditions.
Corn lost ground on U.S. harvest pressure, while soybeans
"U.S. futures and spot prices made larger gains again," said
Tobin Gorey, director of agricultural strategy at Commonwealth
Bank of Australia. "To some extent, we see that as a 'marker'
that flags greater investor participation in the rises."
The most-active wheat contract on the Chicago Board Of Trade
(CBOT) added 0.1% at $7.18-1/4 a bushel by 0243 GMT,
having closed up 1.7% on Thursday. Wheat is up nearly 1.5% for
For the week, soybeans were little changed, while corn
was largely flat. Last week, soybeans ended nearly flat
and corn gained 1.8%.
Wheat production in Russia, Canada and the European Union is
set to take a hit due to abnormal weather conditions.
Soybean export sales last week totalled 912,900 tonnes, near
the high end of market forecasts that ranged from 500,000 to 1.1
million tonnes, according to the U.S. Department of Agriculture.
Export sales of 373,000 tonnes of corn were near the low end
of trade expectations for 300,000 to 800,000 tonnes.
The International Grains Council on Thursday raised its
forecast for the 2021/22 global corn crop, reflecting an
improved outlook for the United States and Ukraine.
In its monthly update, the inter-governmental body increased
its 2021/22 world corn (maize) crop outlook by 7 million tonnes
to a record 1.209 billion tonnes.
Commodity funds were net buyers of CBOT wheat, corn, soyoil
and soybean futures contracts on Thursday and net sellers of
soymeal futures, traders said.
(Reporting by Naveen Thukral; Editing by Ramakrishnan M.)