SINGAPORE, Jan 26 (Reuters) - Chicago soybeans edged lower on Friday, although the market was poised for its first weekly gain in a month, while corn was on track for its first weekly rise since mid-December as short-covering supported prices.
Wheat lost ground, but the market was on track for its biggest weekly gain since early December.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $12.22 a bushel, as of 0129 GMT, corn lost 0.3% to $4.50-1/2 a bushel and wheat gave up 0.2% to $6.11-1/4 a bushel.
* For the week, soybeans have rise 0.8%, after five weeks of losses, corn has gained 1.1%, the first rise since mid-December and wheat is up almost 3%, the biggest weekly jump since early December.
* Commodities funds hold net short position in CBOT grains and oilseeds, leaving the markets prone to short-covering.
* Expectations of ample supplies from South America and concerns over slowing demand drove soybean and corn futures to multi-year low last week.
* The U.S. Department of Agriculture (USDA) reported U.S. soybean export sales in the latest week at 560,900 metric tons, below a range of trade expectations, underscoring stiff competition from top global supplier Brazil.
* Argentina's current soybean and corn harvests were upwardly revised on Thursday, as expected yields from both key grains crops benefited from more rainfall.
* The Buenos Aires Grains Exchange now sees soybeans from the 2023/24 harvesting season at 52.5 million metric tons, or up about 1% compared with the previous forecast. The exchange sees corn output from the same season at 56.5 million tons, up nearly 3% from the previous forecast.
* Commodity funds were net sellers of CBOT soybean, soymeal, corn and soyoil futures contracts on Thursday and small net buyers of wheat, traders said.
MARKET NEWS
* Global stocks rose on Thursday while the euro fell as Europe's central bank kept rates unchanged, and U.S. Treasury yields declined after data showed the U.S. economy grew more quickly than expected in the fourth quarter.
DATA/EVENTS (GMT) 1330 US Consumption, Adjusted MM Dec 1330 US Core PCE Price Index MM, YY Dec 1330 US PCE Price Index MM, YY Dec (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
