CANBERRA, Feb 26 (Reuters) - U.S. soybean futures fell on Friday as weak demand for U.S. supplies pushed prices away from a 2014 high hit in the previous session, though concerns about short-term supply issues in South America drove the oilseed toward weekly gains.
FUNDAMENTALS
* The most-active soybean futures on the Chicago Board Of Trade were down 0.7% at $13.97-1/4 a bushel by 0222 GMT. It closed 1.3% lower on Thursday, having earlier hit a June 2014 high of $14.45-3/4 a bushel.
* Soybeans climbed 1.5% for the week, its biggest such gain in a month.
* The most-active corn and wheat futures rose 0.6% and 2.5% for the week, respectively, with both heading for their second straight weekly gain.
* The U.S. Agriculture Department said on Thursday that weekly export sales of soybeans totaled 238,700 tonnes, the smallest weekly total since the week ended Dec. 31.
* Corn export sales totaled 599,100 tonnes, an eight-month low, while wheat export sales totaled 182,600 tonnes, the lowest weekly total since the week ended Jan. 2, 2020.
* Recent rains have boosted the overall prospects for the soybean output in Brazil, while the market eyes the impact of rains across Argentina.
* The slow start to Brazilian harvesting has increased focus on tight short-term supplies as U.S. stocks dwindle.
* Heavy rain is forecast in Brazil's northern soybean belt in the week ahead, and the showers are also likely to delay the planting of the country's second corn crop.
MARKET NEWS
* The U.S. dollar held gains on Thursday after rebounding overnight from three-year lows following a spike in U.S. bond yields.
* Oil prices were mixed on Thursday with U.S. crude edging up to its highest close since 2019 as Texas refineries restarted production after last week's freeze, while Brent eased on worries that four months of gains will prompt producers to boost output.
* Asian stocks skidded to one-month lows on Friday as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.
(Reporting by Colin Packham; Editing by Devika Syamnath)
