Content ID

333679

GRAINS-U.S. wheat futures edge higher; set for weekly loss on global demand concerns

Sept 16 (Reuters) - U.S. wheat futures edged up in Asian trading on Friday, but were set for a weekly fall along with corn, pressured by worries about demand prospects amid growing risks of a global economic slowdown.

Soybean slipped, extending losses to a fourth session, though Monday's big gain kept it on track for a weekly rise.

FUNDAMENTALS

* The most-traded wheat contract on the Chicago Board of Trade (CBOT) was up 0.5% at $8.49 a bushel, as of 0210 GMT.

* A tentative agreement to avoid a U.S. rail shutdown had added pressure on wheat futures this week.

* President Joe Biden's administration secured a tentative deal on Thursday to avert a railway strike that could have wreaked havoc on the U.S. economy, but union members angered by tough work conditions, have yet to ratify the agreement.

* CBOT corn was steady at $6.77-1/2 a bushel, but down 1% this week. CBOT soybeans shed 0.3% to $14.47-3/4 a bushel, but has gained more than 2% this week.

* Traders said accelerating U.S. harvests hung over the corn and soy markets, with warm and dry weather benefitting fieldwork and the end of crop development.

* U.S. soybean exporters have a respectable sales record to start the new marketing year, but the shrinking U.S. crop, questionable Chinese demand and South American competition are all threats for future bookings, said Karen Braun, a market analyst for Reuters.

MARKET NEWS

* Asian markets were weaker on Friday, as investors braced for a U.S. rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund.

DATA/EVENTS (GMT)

0200 China Urban Investment YY Aug

0200 China Retail Sales YY Aug

0200 China Unemp Rate Urban Area Aug

0600 UK Retail Sales MM YY Aug

0600 UK Retail Sales Ex-Fuel MM Aug

0900 EU HICP Final MM YY Aug

1400 US U Mich Sentiment Prelim Sep

0930 ECB President Christine Lagarde and Bank of France Governor Francois Villeroy de Galhau talk in an event, "20 ans de l'euro", organised by Banque de France in Paris (Reporting by Enrico Dela Cruz in Manila; Editing by Neha Arora)

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