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GRAINS-Corn firms, set for 1% weekly loss on USDA estimate

CANBERRA, Feb 12 (Reuters) - U.S. corn futures edged higher on Friday, but were poised to record weekly losses of 1% as the U.S. Department of Agriculture’s corn stock outlook came in higher than expected.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade were up 0.4% at $5.43-1/4 a bushel by 0226 GMT, having gained 1.2% in the previous session.

* Corn notched its first weekly decline in three after the USDA disappointed traders with a smaller-than-expected reduction in U.S. corn stocks despite massive recent export sales to China.

* The most-active soybean futures rose 0.5% for the week after edging lower in the previous week.

* The most-active wheat futures were down 1% for the week, their second consecutive weekly loss.

* Soybean production in Brazil will reach a record 133.817 million tonnes, the country’s agricultural statistics agency, Conab, predicted. It pegged Brazil’s total corn crop at 105.482 million tonnes, 3.169 million tonnes above its January forecast.

* The USDA on Thursday reported weekly export sales of wheat at 635,400 tonnes, corn at 1.461 million tonnes and soybeans at 983,200 tonnes.

MARKET NEWS

* The dollar headed for its first losing week in three as new signs of weakness in the U.S. jobs market dented investor expectations about the pace of a pandemic recovery.

* Oil prices fell a second day on Friday, extending losses after OPEC cut its demand forecast and the International Energy Agency said the market was still over-supplied.

* In early trading on Friday global markets were holding steady or slipping a bit as investors looked over mixed data and watched for the next catalyst.

Reporting by Colin Packham; Editing by Devika Syamnath

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