GRAINS-Chicago soybeans set for weekly loss on ample supply

BEIJING/PARIS, Aug 1 (Reuters) - Chicago soybean futures edged higher on Friday, but stayed on track for a second consecutive weekly decline as ample global supplies, favourable U.S. weather and weak Chinese demand pressured prices.

The most-active soybean contract on the Chicago Board of Trade Sv1 was up 0.1% at $9.89-3/4 per bushel, as of 1105 GMT, hovering near a four-month low.

"Expectations of a robust U.S. harvest, alongside a second consecutive record Brazilian crop, are expected to weigh on prices for the remainder of the year," analysts at BMI, a unit of Fitch Solutions, said in a note.

China, the world's biggest soy buyer, faces an August 12 deadline to reach a durable tariff agreement with U.S. President Donald Trump's administration.

The United States believes it has the makings of a trade deal, but it is "not 100% done," Treasury Secretary Scott Bessent said on Thursday.

China's soymeal inventories have built up in recent weeks, potentially curbing soybean imports during the peak U.S. marketing season later this year - a bearish signal for U.S. growers.

Corn Cv1 inched up 0.2% to $4.14-3/4 a bushel, but was poised to end the week lower as expectations of a large harvest weighed.

Cooler temperatures and periodic rainfall across the U.S. Midwest are expected to support crop development into early August, according to Commodity Weather Group.

Still, low prices have helped attract some buying interest.

The U.S. Department of Agriculture confirmed private sales of 100,000 metric tons of U.S. corn to Colombia, 140,000 tons to South Korea, and 136,000 tons to undisclosed destinations.

Wheat Wv1 was down 0.7% to $5.19-3/4 a bushel, on course for a second weekly decline, pressured by ongoing winter harvests in the United States and across the globe.

"Additional downward pressure is likely in the coming months as the U.S. spring wheat harvest begins, further increasing global supply and alleviating market tightness," BMI said.

In Argentina, a major wheat exporter, recent rainfall improved soil moisture reserves for the country's 2025/26 wheat crop, with nearly all of the planted area in normal to optimal condition, the Buenos Aires Grains Exchange said on Thursday.

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