November 1, 2019 / 2:37 AM / 12 days ago

REFILE-GRAINS-Corn edges lower, harvest delay concerns set to drive weekly gain of 1%

(Corrects to change dateline to Nov. 1)

* Corn falls for second straight session

* Wheat poised to finish the week down 2%

* Soybeans buoyed by prospect of U.S.-China trade deal

By Colin Packham

SYDNEY, Nov 1 (Reuters) - U.S. corn futures fell on Friday, though the grain was poised to finish the week in positive territory, as concerns over potential further delays to harvesting crops supported prices.

Wheat fell, while soybeans were on course to post a weekly gain of 1%.

The most active corn futures on the Chicago Board of Trade were down 0.3% at $3.89 a bushel, as of 0148 GMT, having closed down 0.2% in the previous session.

Corn rose to $3.91-1/4 a bushel on Wednesday, its highest since Oct. 22.

"There is some concern about further delays in harvesting U.S. crops, and that is limiting the downside," said one Melbourne-based trader who declined to be named as he not authorised to talk to the media.

Despite edging lower, corn is up nearly 1% for the week, the first weekly gain in three weeks.

The U.S. Department of Agriculture on Monday reported the U.S. corn harvest was 41% complete, well behind the average pace of 61%. Farmers had harvested 62% of their soybeans, also significantly below the average pace of 78% for this time of the year.

The most active wheat futures were up 0.2% at $5.07-1/2 a bushel, having closed little changed in the previous session. For the week, it is down nearly 2%, the second straight weekly loss.

The most active soybean futures were down 0.1% at $9.33-1/2 a bushel, having closed up 0.2% on Thursday.

Drawing some support on hopes that the United States and China will soon seal a limited trade deal, soybeans is up nearly 1.5% for the week, the first weekly gain in three weeks.

U.S. President Donald Trump has said China could buy as much as $50 billion of U.S. farm products as part of an interim trade deal. But the demand has become a major sticking point in talks to end the trade war, according to several people briefed on the negotiations.

China purchased 481,000 tonnes of U.S. soybeans in the week ended Oct. 24 and shipped more than half a million tonnes, the most since August, according to the USDA.

Reporting by Colin Packham; editing by Uttaresh.V

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