GRAINS-Chicago wheat firms on Algeria purchase, but logs weekly fall

BEIJING, Dec 27 (Reuters) - Chicago wheat gained on Friday after a big purchase from Algeria, but was set for a weekly decline, while soybean eased as a record crop in Brazil weighed on the market. Corn also slipped.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade Wv1 gained 0.09% to $5.41 a bushel, but logged a 1.3% weekly decline so far.

CBOT corn Cv1 fell 0.14% to $4.53 a bushel at 0145 GMT, notching a 4.8% gain so far in the week. Soybeans Sv1 shed 0.25% to $9.94 a bushel. For the week, it has risen 2.3% so far.

Algeria's state grains agency OAIC is believed to have purchased an estimated 1.17 million metric tons of milling wheat in an international tender that closed on Tuesday, European traders said.

Russia's IKAR agricultural consultancy on Thursday said it saw 2025-26 wheat exports at 41 million metric tons in a baseline scenario, down from 43.5 million tons expected in the current season.

Russia harvested 125 million tons of grain and legumes, including 82 million tons of wheat in clean weight in 2024, down 13% from last year, data from statistical agency Rosstat showed on Thursday.

Commodity funds were net buyers of Chicago Board of Trade corn, soybean, soymeal and wheat futures contracts on Thursday and net sellers of soyoil futures, traders said.

MARKETS NEWS

Wall Street closed mixed on Thursday and the U.S. benchmark Treasury yield eased after scaling the highest level since May in light and directionless post-Christmas trading. MKTS/GLOB

(Reporting by Mei Mei Chu; Editing by Sumana Nandy)

((meifong.chu@thomsonreuters.com;))