CANBERRA, July 23 (Reuters) - U.S. wheat futures extended decline to a second session on Friday as investors booked profit following last week's rally, though concerns about global supplies amid unfavourable weather in several key producing regions limited losses.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade were down 0.4% at $6.89-1/4 a bushel by 0128 GMT, having closed down 2.6% on Thursday.
* Wheat is down more than 0.5% for the week after closing up 12.6% last week.
* The most active soybean futures down nearly 2.5% for the week after closing up nearly 5% in the previous week.
* The most active corn futures rise nearly 2% for the week, their second straight week of gains.
* The U.S. Department of Agriculture (USDA) said on Thursday morning that weekly export sales of corn totalled a net -40,700 tonnes, largely due to cancellations from China. The weekly total was the lowest since July 2012 and the second smallest on record.
* Soybeans in the U.S. Midwest typically reach their yield-determining phase of pod setting during August.
* USDA's weekly report showed soybean export sales totalled just 238,400 tonnes, weighing on soy futures as overseas buyers look for cheaper alternatives.
MARKET NEWS
* The dollar edged higher overall in choppy trading on Thursday, moving with the ebbs and flows of risk sentiment, while the euro fell as investors digested the European Central Bank statement and comments by its president.
* Oil prices rose about $1.50 a barrel on Thursday, extending gains made in the previous three sessions on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis.
* Australian shares slipped on Friday from a record closing high scaled the previous day, as strict restrictions in major cities dampened sentiment, while casino operator Crown Resorts slumped after Star Entertainment withdrew its takeover bid.
(Reporting by Colin Packham; editing by Vinay Dwivedi)
