GRAINS-Soybeans edge lower, set to finish week up 1 pct

SYDNEY, June 27 (Reuters) – U.S. soybean futures edged lower on Friday, though the oilseed was poised to finish the week up more than 1 percent as concerns over tight domestic supplies were stoked as the U.S. Department of Agriculture pegged exports above market expectations.

FUNDAMENTALS

* Chicago Board Of Trade front-month soybeans up 1.3 percent for the week, the first weekly gain in five weeks.

* Front-month corn down nearly 2.5 percent for the week, the fifth weekly loss in the last six.

* Spot wheat down more 0.5 percent for the week, the seventh straight weekly slide.

* The U.S. Department of Agriculture 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 scarce.

* Soybeans plantings are uncertain following heavy rains that caused flooding in some northern growing areas.

* 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.

MARKET NEWS

* The New Zealand dollar hovered at its highest in nearly three years early on Friday, having taken on a starring role in a subdued currency market as investors sought higher-yielding currencies.

* Crude oil on both sides of the Atlantic fell on Thursday as fears eased over export disruptions from war-ravaged Iraq, allowing market participants to take some profit off the table.

* U.S. stocks ended slightly lower on Thursday after the president of the Federal Reserve Bank of St. Louis said interest-rate increases should come sooner rather than later.

DATA AHEAD (GMT)

0600 Germany

Import prices

May

0645 France

Consumer spending

May

0645 France

Detailed Q1 GDP

0900 Euro zone

Economic sentiment

June

1200 Germany

Consumer prices

June

Grains prices at 0023 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

585.75

1.00 +0.17%

+2.58%

616.65 32 CBOT corn

442.50

-0.25 -0.06%

-0.11%

457.93 40 CBOT soy

1241.50

-2.75 -0.22%

+1.39%

1267.48 56 CBOT rice

$13.46

$0.00 +0.00%

-1.72%

$13.87 66 WTI crude

$105.66 -$0.18 -0.17%

-0.79%

$104.50 48 Currencies

Euro/dlr

$1.361 -$0.002 -0.12%

+0.05% USD/AUD

0.941

0.001 +0.07%

+0.51% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Michael Perry)

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