* Horn under pressure from USDA forecast
* Soybeans despite American SS production
* Wheat down more than 1% for the week
CANBERRA, Feb. 12 (Reuters) – U.S. corn futures were going higher on Friday but grain was poised to record a 1% weekly loss amid predictions for larger-than-expected global supply.
Soybeans were going higher as oil prices moved lower than expected for high yields in South America, while wheat was expected to post a 1% weekly loss.
The most active corn futures on the Chicago Board of Trade rose 0.4% at $ 5.43-1 / 4 per bushel by 0226 GMT, after gaining 1.2% in the previous session.
Corn had fallen more than 4% earlier in the week, and analysts said a lower bullish market amid signs that U.S. export demand is slowing.
“The consolidation which may indicate that the richer ships have been shaken for now. U.S. export sales have been tough over the past week but that’s not surprising, ”said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Corn, however, is set to note its first weekly decline in three after the USDA disappointed traders with a smaller-than-expected decline in U.S. corn stocks. despite recent sales to China.
Maximum wheat futures remained unchanged at $ 6.33-1 / 4 per bushel after closing 2.2% lower in the previous session.
Wheat is down 1.2% for the week, the second consecutive weekly loss.
Most active soybean futures rose 0.1% at $ 13.68-1 / 2 per bushel after closing 1% higher in the previous session.
Soybeans have little change for the week after they went lower in the previous week.
Soybean production in Brazil will reach a record 133.817 million tons, expected by the country’s agricultural statistics organization, Conab. It was peeling the total corn crop in Brazil at 105.482 million tons, 3.169 million tons above expectations in January.
Reciting with Colin Packham; Edited by Krishna Chandra Eluri