Wheat inches higher but heads for weekly loss on ample supply

CANBERRA: Chicago wheat futures inched higher on Friday but were set to end the week down 0.8% as strong U.S. exports were offset by plentiful global supply provided by ongoing northern hemisphere harvests.

Corn futures rose slightly after U.S. export sales triggered a round of short-covering, but prices were nevertheless headed for a 1.5% weekly fall amid expectations of a large U.S. harvest.

Soybeans gained but were down 0.9% for the week as U.S. weekly export sales came in at the lower end of trade estimates.