Wheat heads for ninth weekly loss as Russian export prospects weigh

Oct 30 (Reuters) - Chicago wheat futures edged lower on Friday, still pressured by prospects of increased Russian wheat exports, and despite strong demand for US grain and reports that China could buy from the United States.

Corn and soybeans also fell as the ongoing US harvest added to supply.

The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.1% at $6.03 a bushel at 1305 GMT and 3.5% lower over the week, heading for a ninth consecutive weekly loss.

Prices fell to $5.93-1/4 on Wednesday, the lowest since July 1, and are nearly 25% below highs reached in September, when the Russia-Ukraine war reduced supply by curtailing exports via the Black Sea.

Shipments from the Black Sea could increase after sources said Russia, the world's largest wheat exporter, had allowed grain export vessels to leave the Sea of Azov for the first time since July 10.

However, attacks continue in the region, with a Greek container ship sunk on Thursday.

On the demand side, Bloomberg reported on Thursday that buyers in China, the world's biggest crop importer, were seeking offers on US soft red winter wheat.

US exports were already running above expectations, with USDA data showing net export sales of 2026-27 wheat in the week to October 22 at 849,800 metric tons, a marketing-year high.

Commerzbank also referred to the fall in corn prices as a factor for wheat's price decrease.

CBOT corn slipped 0.4% to $4.49-1/4 a bushel and was down 1.5% over the week, while soybeans were down 0.2% to $12.32-1/2 a bushel and were 1.9% below last week's close.

Corn was set for a fifth consecutive weekly decline and soybeans for a third.