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GRAINS-Wheat lingers near 8-month low, set to finish week down 4%

SYDNEY, June 19 (Reuters) - U.S. wheat futures dipped on Friday and hovered near an eight-month low hit in the previous session, as ample global supplies pushed the grain towards a weekly loss of nearly 4%.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade fell almost 4% for the week, their third straight weekly loss.

* Wheat was down 0.1% at $4.83 a bushel after hitting an eight-month low of $4.81 a bushel on Thursday.

* The most active soybean futures rose 0.1% for the week, their fourth straight weekly gain.

* The most active corn futures fell 0.5% for the week, their biggest weekly loss since May 1.

* Expectations of bumper global wheat production was stoked by brighter crop outlooks in the United States and Europe.

* Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), bought 240,000 tonnes of wheat from Russia, Romania and Ukraine in an international purchase tender.

* U.S. soybean exports totalled 1.920 million tonnes for the period ending June 11. They included 1.353 million tonnes sold to China, the biggest weekly total for the world’s top soybean buyer since September, the U.S. Agriculture Department said.

MARKET NEWS

* The U.S. dollar strengthened on Thursday as concerns about a rise in new coronavirus cases globally and higher-than-expected U.S. unemployment claims drove demand for the safe-haven currency.

* Oil prices rose on Friday, building on gains in the previous session, after OPEC producers and allies promised to meet their supply cut commitments and two major oil traders said demand was recovering well.

* Asian stocks were set for gains on Friday although trade was likely to be choppy after a mixed Wall Street session with investor focus swinging between concerns about a second pandemic wave and more upbeat hopes about an economic recovery. (Reporting by Colin Packham; Editing by Amy Caren Daniel)

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