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GRAINS-Wheat hits 6-week low, set for weekly loss of 5%

CANBERRA, Sept 10 (Reuters) - U.S. wheat futures edged lower on Friday to hit a six-week low as expectations of ample global supplies pushed the grain towards a weekly loss of nearly 5%.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.1% at $6.91-1/2 a bushel by 0143 GMT, near a session low of $6.90-3/4 a bushel - the weakest since July 29. Wheat closed down 2.4% on Thursday.

* Wheat down nearly 5% for the week, the biggest such loss in two months.

* The most active soybean futures were down more than 1.5% for the week, the second straight weekly loss.

* The most active corn futures lost nearly 2.5% for the week, the second consecutive weekly loss.

* Total stocks of Canadian wheat on July 31 were up 3.7% compared with the same date in 2020, even though exports increased on strong global demand, Statistics Canada said on Wednesday.

* The U.S. Department of Agriculture’s monthly World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports will be published later in the session.

MARKET NEWS

* The dollar dipped on Thursday as Treasury yields fell after the U.S. government saw strong demand for a sale of 30-year bonds, while the euro was supported after the European Central Bank said it would trim emergency bond purchases over the coming quarter.

* Oil prices fell to a two-week low on Thursday as China rolled out a plan to release state oil reserves, the U.S. weekly crude draw was smaller than expected and U.S. Treasuries rallied as investors sought safer assets.

* European stocks pared losses and Wall Street reversed earlier gains on Thursday as investors weighed uncertainty over central bank tapering and economic recovery due to the coronavirus Delta variant alongside strong U.S. weekly jobless claims data.

Reporting by Colin Packham; Editing by Devika Syamnath

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