CANBERRA, Feb 19 (Reuters) - U.S. corn futures fell for a second session on Friday as forecasts for ample U.S. supplies pushed two-day losses to 1%.
FUNDAMENTALS
* The most-active corn futures on the Chicago Board Of Trade were down 0.5% to $5.47-1/4 a bushel by 0225 GMT, having closed 0.5% lower in the previous session.
* Corn is more than 1.5% higher for the week, the biggest one-week rise in three weeks.
* * The most-active soybean futures were little changed for the week after closing slightly higher in the previous week.
* The most-active wheat futures were up more than 4% for the week, the first weekly gain in three weeks.
* The USDA forecast 2021 corn plantings at 92 million acres and soybeans at 90 million acres at the agency's annual Ag Outlook Forum, which would be the largest-ever combined plantings for the two crops.
* The corn acreage projection was slightly below trade expectations, while soybean acreage was a bit above.
* Russian agriculture consultancy Sovecon said on Thursday it had downgraded its forecast for Russia's 2021 wheat crop to 76.2 million tonnes from 77.7 million tonnes due to unfavourable weather conditions and upcoming state export taxes.
MARKET NEWS
* The U.S. dollar maintained its biggest loss in 10 days on Friday after disappointing U.S. labour market data bruised optimism for the country's speedy recovery from the COVID-19 pandemic.
* Oil prices slid as much as 2% in early trade on Friday, adding to overnight declines, on worries that refineries shut by a big freeze in the U.S. South will take some time to revive operations and dent crude demand.
* Asian stocks were set to pull back on Friday, following a dip on Wall Street as disappointing U.S. jobs data fanned concerns the economic recovery from the coronavirus was losing momentum.
(Reporting by Colin Packham; Editing by Krishna Chandra Eluri)
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The Link LonkFebruary 19, 2021 at 09:34AM
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GRAINS-Corn extends losses into second day on USDA forecast - Successful Farming
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