SYDNEY, Aug 7 – U.S. wheat futures edged higher on Friday as a weaker dollar boosted export prospects, though the grain was poised to record its biggest weekly loss in more than a year due to ample global supplies.
* The most active wheat futures on the Chicago Board Of Trade down more than 5% for the week so far, their biggest weekly loss since March 2019.
* Wheat up 0.3% at $5.02-3/4 a bushel on Friday after closing down 1.9% on Thursday when prices hit a July low of $5.01 a bushel.
* The most active corn futures down more than 1% for the week, the fifth straight weekly decline.
* The most active soybean futures down more than 0.5% for the week, the first weekly loss in three weeks.
* Ukrainian ProAgro consultancy on Thursday increased its 2020 wheat harvest outlook for Ukraine to 26.59 million tonnes from 26.07 million tonnes. It also bumped up its wheat export forecast for the country by 600,000 tonnes.
* Canadian farmers are on track to harvest a record-large all-wheat crop due mainly to favourable crop conditions, farmer advisory service FarmLink Marketing Solutions estimated.
* The U.S. Agriculture Department on Thursday morning confirmed private sales of 126,000 tonnes of U.S. soybeans to China for delivery in the 2020/21 marketing year.
* The dollar nursed losses against major currencies on Friday ahead of the U.S. non-farm payrolls report, which some investors fear could reinforce the view that economic momentum is slowing.
* Oil edged lower in volatile trading, posting a second consecutive weekly loss as caution about Europe’s debt crisis and year-end positioning continued to spark selling into rallies.
* Asia shares were poised to open higher, tracking global equity markets’ overnight gains as investors awaited a U.S. nonfarm payrolls report.
(Reporting by Colin Packham; Editing by Rashmi Aich)