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GRAINS-Wheat lingers near 5-year high, set for weekly gains on weather concerns

SYDNEY, Oct 9 (Reuters) - U.S. wheat futures rose on Friday as prices lingered near a five-year high touched in the previous session, while the grain was poised to record weekly gains of 4% on concerns that adverse weather in key growing regions would hit global production.

FUNDAMENTALS

* The most-active wheat futures on the Chicago Board of Trade has risen 4% for the week so far, the contract’s second straight weekly gain.

* Wheat was up 0.2% at $5.96-1/4 a bushel as of 0115 GMT, after closing down 2% on Thursday after prices had earlier hit a June 30, 2015 high of $6.17 a bushel.

* Soybean futures were up 3% for the week, their biggest weekly gain in three weeks.

* Corn futures were up 2% for the week, the second straight weekly gain.

* Adverse weather in key producing regions stoked concerns that global supplies would fall short of official estimate.

* Market participants were also eyeing U.S. Department of Agriculture’s (USDA) monthly World Agricultural Supply and Demand Estimates and Crop Production reports due to be released later in the day.

* Analysts expected the report would show a lower government forecast for U.S. corn and soybean harvests.

* A fresh round of export deals, which included sales to China and Mexico underpinned soybeans.

* The USDA said weekly soybean export sales totaled 2.591 million tonnes last week, the fifth straight week in which sales have topped 2 million tonnes.

MARKET NEWS

* The dollar drifted toward a second consecutive weekly loss on Friday, as higher commodity prices and persistent hopes for U.S. stimulus supported investor sentiment and riskier currencies.

* Asian shares were set to track Wall Street gains as revived hopes for a U.S. stimulus deal helped investors overlook weaker-than-expected jobs data and growing global coronavirus cases.

Reporting by Colin Packham; Editing by Rashmi Aich

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