GRAINS-Soybeans head for modest weekly gain as traders eye possible China buying from US

CANBERRA, Oct 10 (Reuters) – U.S. soybean futures steadied on Friday and were set to notch a second straight weekly gain, as traders weighed hopes of renewed Chinese buying from the United States against expectations of ample global supply. Wheat and corn futures rose slightly but were headed for their fourth weekly declines in a row, with both markets well supplied. FUNDAMENTALS * The most-active soybean contract on the Chicago Board of Trade (CBOT) was flat at $10.22-1/2 a bushel at 0021 GMT and up 0.4% from last Friday's close. Earlier in the week, prices reached $10.30, the highest since September 19. * CBOT corn was up 0.1% at $4.18-3/4 a bushel but down 0.1% over the week. Wheat rose 0.4% to $5.18-1/4 a bushel but was set for a 1.4% weekly loss. * Trading has been subdued due to a federal government shutdown. A lack of government data releases on crop production, exports, and investor positioning is making market participants hesitant to take positions. * China's expansion of export controls on rare earth metals, meanwhile, raised doubts that Presidents Donald Trump and Xi Jinping will reach a trade accord at a meeting later this month. * Trump said last week he would talk to Xi about China's boycott of U.S. soybeans, fuelling hopes of a revival in trade and lifting prices. * Details of a possible $10-15 billion aid package for U.S. farmers have not yet been released. U.S. Department of Agriculture Secretary Brooke Rollins said the administration could deliver aid once the government reopens. * China's Agriculture Ministry left its forecast for 2025/26 soybean imports at 95.8 million metric tons, unchanged from a month ago, but trimmed its forecast for 2025/26 corn imports to 6 million tons from 7 million tons. * Expana raised its grain production forecast for European Union crops for the 2025/26 season, projecting soft wheat output will hit a record high and barley a 17-year high. * Russia, the biggest wheat exporter, is set to reduce its winter and spring wheat sown area by more than 6% this year and grow more oilseeds, the Deputy Agriculture Minister said. * However, Russia will also set a slightly higher export quota for grain in the second part of the exporting season from February to June 2026 than for the same period of this year due to better harvest, a official said. MARKETS NEWS * Major stock indexes eased on Thursday, while the dollar climbed to its highest level against the Japanese yen since mid-February as the newly elected leader of Japan's ruling party failed to boost market confidence about the currency's direction. (Reporting by Peter Hobson; Editing by Rashmi Aich)

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