Soybeans set for first weekly loss in five weeks

SYDNEY, Dec 4 (Reuters) - U.S. soybeans edged lower on Friday and were on course to record their first weekly loss in more than a month as rains across South America eased concerns about crops in Brazil.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down more than 2% for the week, on track for their first weekly loss in five weeks.

* Soybeans were down 0.2% to $11.65-1/4 a bushel by 0147 GMT, having firmed 1.3% on Thursday.

* The most active corn futures were down nearly 2% for the week, the first weekly loss in five weeks.

* The most active wheat futures were down nearly 4% for the week, the first weekly loss in three weeks.

* Consultancy Celeres on Thursday lowered its forecast for Brazil's soybean crop to 129.5 million tonnes from 133.95 million previously.

* Statistics Canada expects total 2020/21 Canadian wheat production at 35.2 million tonnes, the country's biggest crop in seven years.

MARKET NEWS

* The euro was headed for its best week in a month on Friday and has blown past major resistance levels as investors piled into bets the U.S. dollar has further to fall as the world begins to emerge from the COVID-19 pandemic.

* Oil prices rose, heading for a fifth week of gains, after major producers agreed to continue to restrain production to cope with coronavirus-hit demand but the compromise fell short of expectations.

* Investors in Asia geared up for modest stock gains on Friday as U.S. legislators wrangled over a fiscal stimulus and negotiations over a Brexit trade deal continued. (Reporting by Colin Packham; Editing by Subhranshu Sahu)