GRAINS-Corn on track for weekly losses ahead of US planting report

SINGAPORE, March 28 (Reuters) - Chicago corn futures lost more ground on Friday, with the market set for its biggest weekly drop in almost a month on forecasts of higher U.S. planting this year.

Wheat and soybeans slid in early Asian trade.

FUNDAMENTALS

The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.3% to $4.48-3/4 a bushel, as of 0010 GMT, taking the weekly losses to 3.3%, its biggest since early March.

Wheat Wv1 lost 0.3% to $5.30-3/4 a bushel and soybeans Sv1 gave up 0.2% to $10.15 a bushel.

Grain markets are awaiting Monday's U.S. planting and stocks data from the U.S. Department of Agriculture, as well as seeking greater clarity on broad tariffs promised by U.S. President Donald Trump from April 2.

U.S. farmers will plant 94.361 million acres with corn this year, up from 90.594 million in 2024, according to an average of analysts polled by Reuters before the USDA report.

The wheat market is under pressure from forecasts of rain in the U.S. and Russian wheat belt, sluggish U.S. wheat export sales and an agreement to implement a deal in the Black Sea, market analysts said.

Brazilian farmers are expected to reap a record 172.1 million metric tons of soybeans in the 2024/2025 season, agribusiness consultancy Agroconsult forecast on Thursday after a nationwide crop tour of 13 states that began in January.

Commodity funds were net buyers of CBOT soybean, soymeal and soyoil futures contracts on Thursday, traders said. They were net sellers of corn and wheat futures contracts, traders said. COMFUND/CBT

MARKET NEWS

Global stocks fell for a second straight session and gold hit a record high on Thursday after the latest tariffs from U.S. President Donald Trump's administration that expanded the trade war to autos. MKTS/GLOB

DATA/EVENTS (GMT)

0700 UK Retail Sales MM, YY Feb

0700 UK GDP QQ, GDP YY Q4

0700 UK Retail Sales Ex-Fuel MM Feb

0745 France CPI (EU Norm) Prelim MM, YY Mar

0745 France CPI Prelim MM, YY NSA Mar

0745 France Producer Prices YY Feb

0755 Germany Unemployment Chg, Rate SA Mar

1000 EU Consumer Confid. Final Mar

1230 US Consumption, Adjusted MM Feb

1230 US Core PCE Price Index MM, YY Feb

1230 US PCE Price Index MM, YY Feb

1400 US U Mich Sentiment Final Mar