SINGAPORE, April 16 (Reuters) - Chicago corn futures traded little changed on Friday but were on track for a third straight weekly gain as adverse U.S. weather and strong global demand raised concerns over supplies.
Soybeans were on track for their biggest weekly gain in more than a month, while wheat was up for a second week in a row.
FUNDAMENTALS
* The most-active corn contract on the Chicago Board of Trade (CBOT) has gained 2.3% so far this week. The market was trading quarter a cent higher at $5.90-1/4 a bushel, as of 0110 GMT.
* Soybeans have added 1.3% this week, while wheat has gained 2.3%.
* Corn prices have climbed to multi-year highs on expectations of lower U.S. planting and cold weather in the United States.
* However, high prices are prompting farmers to sell while curbing demand.
* The strength in corn triggered some country movement after the market hit targets that farmers had left with grain dealers.
* China's wheat feeding to pigs and poultry has dented demand for alternate feeds and clouded the market outlook for soybean meal and other key ingredients used by the country's massive feed sector, analysts and traders said.
* Chinese feed producers have sharply raised wheat purchases in the past several months to replace corn, which has rallied by more than a third in the past year to a rare premium over wheat following a drop in corn output and state stockpiles last season.
* A U.S. Department of Agriculture report that showed weekly export sales of corn fell below market expectations.
* The U.S. soybean crush rebounded in March from a 17-month low the previous month, but the processing pace fell short of most trade estimates, according to data released by the National Oilseed Processors Association (NOPA) on Thursday.
* NOPA members, who handle about 95% of all soybeans processed in the United States, crushed 177.984 million bushels of soybeans last month. That was up from 155.158 million bushels in February but below the March 2020 crush of 181.374 million bushels, which was a record high for the month.
* Dry weather and a cold surge expected next week pose risk of damage to the wheat crop in the southern U.S. Plains.
* Consultancy Strategie Grains on Thursday raised its monthly forecast for soft wheat exports from the European Union and Britain in the 2020/21 season by 200,000 tonnes to 25.4 million tonnes, adding pressure on its low ending-stock forecast.
* Investment funds were net buyers of CBOT soybean, wheat, soyoil and soymeal futures contracts on Thursday, traders said. They were net sellers of corn.
MARKET NEWS
* World stock markets extended a five-day run of fresh highs on Thursday, fuelled by upbeat earnings and strong U.S. economic data that herald a solid recovery ahead, while Russian markets tumbled at the prospect of the harshest U.S. sanctions in years.
DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY March 0200 China Industrial Output YY March 0200 China Retail Sales YY March 0200 China GDP YY Q1 0900 EU HICP Final MM, YY March 1230 US Housing Starts Number March 1300 EU Finance ministers meet 1400 US U Mich Sentiment Prelim April (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
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