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GRAINS-Corn set for 5% weekly gain as storm damage…

SYDNEY, Aug 14 – U.S. corn futures on Friday retreated from a near one-month high hit in the previous session, though the grain is set to post weekly gains of more than 5% amid concerns over widespread damage after a storm lashed a key U.S. growing region.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade up more than 5% for the week, set for the first weekly gain in six.

* Corn down 0.4% at 3.37-1/4 after jumping 3.5% on Thursday when prices hit a July 17 high of $3.40-3/4 a bushel.

* The most active soybean futures up 3.5% for the week, poised for the first weekly gain in three.

* The most active wheat futures traded flat for the week.

* Corn prices surged after a storm potentially affected 10 million acres of farmland in Iowa, the top U.S. corn growing state, according to state authorities.

* The USDA said on Wednesday U.S. farmers would reap a record corn harvest and a second-biggest soybean crop, buoyed by favourable weather.

MARKET NEWS

* The U.S. dollar drifted higher on Friday after strong U.S. jobs data and as growing caution about the global coronavirus recovery provided support, and it could snap a seven-week losing streak if investor sentiment sours further.

* Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.

* Asian shares were set for a largely flat start on Friday as markets weighed a pause in Wall Street’s multi-month stock rebound and awaited the release of Chinese economic data later in the session.

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

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