* Soybeans set for weekly gains on tight old-crop stocks
* Wheat set to finish week down for 7th straight session
* Corn edges lower, set for weekly losses of 2.5 pct
By Colin Packham
SYDNEY, June 27 (Reuters) – U.S. soybean futures edged lower on Friday, but were poised to record weekly gains of nearly 1 percent on concerns over tight old-crop supplies after the U.S. Department of Agriculture pegged exports above market expectations.
Wheat edged lower and was set to record its seventh straight weekly loss, the longest slump in more than 6 months, as expectations of ample global supply continued to weigh. Corn also slid, poised to finish the week down 2.5 percent.
Chicago Board of Trade November soybean futures fell 0.28 percent to $12.40-3/4 a bushel, having closed up 1.5 percent on Thursday near a one-month peak.
Soybeans are up 0.7 percent for the week in their second straight weekly gain, fuelled by concerns over tight domestic supplies.
“Exports from the USA have been better that expected, this will leave the ending stocks tighter. Many believe that ending stocks are lower than what the USDA reports,” said Avtar Sandu, senior manager, commodities at Phillip Futures in Singapore.
The concerns over tight old-crop supplies in the U.S. were stoked when the USDA reported export sales last week were 774,800 tonnes, above estimates for 250,000 to 550,000 tonnes.
Within that total, sales of old-crop soybeans alone were 317,200 tonnes, a surprise for traders because inventories are low.
Adding to support for soybeans are concerns over potential flood damage after widespread rains in the United States.
September wheat futures were little changed at $5.84-1/2 a bushel, but were poised to finish the week down nearly 1.5 percent.
Spot wheat is down 1 percent for the week, the seventh weekly loss and its longest slump since Jan. 17.
Front-month corn fell 0.11 percent to $4.42-1/4 a bushel, having closed up 0.4 percent on Thursday.
Traders are preparing for the next USDA report on June 30.
Roach Ag Marketing, a brokerage, issued an acreage survey that pegged corn seedings at 89.3 million acres, below the USDA’s March estimate for 91.7 million acres. Analysts expect the USDA on Monday to peg seedings at 91.7 million, according to a Reuters poll.
Analysts expect U.S. corn stocks were 3.722 billion bushels as of June 1, a four-year high for that date, and wheat stocks were 598 million bushels, which would be the lowest in six years.
Grains prices at 0352 GMT Contract
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
615.83 36 CBOT corn
456.53 40 CBOT soy
1266.29 54 CBOT rice
$13.84 55 WTI crude
$105.82 -$0.02 -0.02%
$104.50 50 Currencies
$1.363 $0.002 +0.12%
+0.34% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham)