SYDNEY, June 13 (Reuters) – U.S. soybean futures edged higher on Friday after hitting a two-month low in the previous session, but the oilseed was poised to report its biggest weekly slide in three months as forecasts for plentiful global supplies weighed on prices.
* Chicago Board Of Trade front-month soybeans down 2.7 percent for the week, the biggest slide in 13 weeks.
* Spot corn down more than 3 percent for the week, the fifth straight weekly loss.
* Front-month wheat down 5 percent for the week, extending weekly losses to five consecutive weeks.
* The U.S. Agriculture Department raised its forecast for global 2014/15 soy ending stocks to 82.88 million tonnes, from 82.23 million in May, and up from 67.17 million in 2013/14.
* Those increases overshadowed USDA cutting its forecast for U.S. 2013/14 end-stocks to 125 million bushels, a 10-year low.
* U.S. processors likely crushed 4.2 percent fewer soybeans in May than in April due to thin domestic supplies and some maintenance shutdowns at the plants, a Reuters poll found.
* Argentine farmers are expected to harvest 25 million tonnes of commercial use corn in the 2013/14 season, the Buenos Aires Grains Exchange said on Thursday, increasing its previous estimate of 24 million tonnes.
* The USDA lowered its estimate of U.S. 2014 winter wheat output to 1.381 billion bushels, from 1.403 billion in May, reflecting losses in the drought-hit U.S. Plains. But the shortfall was easily overshadowed by increased wheat production forecasts for India, the European Union, China and Russia
* The dollar steadied in Asian trading on Friday but remained near two-week lows against the yen after tensions rose in Iraq and downbeat U.S. economic data gave investors no reason to believe the Federal Reserve will be raising interest rates anytime soon.
* Oil prices jumped to nine-month highs on Thursday, as concerns mounted that escalating violence in Iraq could disrupt oil supplies from the second-largest OPEC producer.
* U.S. stocks fell on Thursday as concerns escalated about Iraq and after disappointing economic data on retail sales and jobless claims.
DATA AHEAD (GMT)
0900 Euro zone Employment
0900 Euro zone Eurostat trade
1355 U.S. Univ of Michigan sentiment index
Grains prices at 0044 GMT Contract
Change Pct chg Two-day chg MA 30 RSI CBOT wheat
658.46 17 CBOT corn
476.68 29 CBOT soy
1473.98 22 CBOT rice
$14.40 -$0.02 -0.14%
$14.98 43 WTI crude
$102.61 84 Currencies
$1.356 $0.000 +0.03%
0.942 -0.001 -0.10%
+0.36% 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)