BEIJING - Chicago soybean futures edged higher on Friday, but remained on track for a second consecutive weekly decline as ample global supplies, favourable U.S. weather and weak Chinese demand pressured prices.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.08% at $9.9 per bushel, as of 0301 GMT, still hovering near a four-month low.

"Expectations of a robust U.S. harvest, alongside a second-consecutive record Brazilian crop, are expected to weigh on prices for the remainder of the year," analysts at BMI, a unit of Fitch Solutions, said in a note.

China, the world's biggest soy buyer, faces an August 12 deadline to reach a durable tariff agreement with U.S. President Donald Trump's administration.

The United States believes it has the makings of a trade deal, but it is "not 100% done," Treasury Secretary Scott Bessent said on Thursday.

China's soymeal inventories have built up in recent weeks, potentially curbing soybean imports during the peak U.S. marketing season later this year - a bearish signal for American growers.

Corn inched up 0.06% to $4.14 a bushel, but was poised to end the week lower amid expectations of a large harvest.

Cooler temperatures and periodic rainfall across the U.S. Midwest are expected to support crop development into early August, according to Commodity Weather Group.

Still, low prices have helped attract some buying interest. The U.S. Department of Agriculture (USDA) confirmed private sales of 100,000 metric tons of U.S. corn to Colombia, 140,000 tons to South Korea, and 136,000 tons to undisclosed destinations.

Wheat rose 0.1% to $5.23-6/8 a bushel but was on course for a second weekly decline, pressured by ongoing winter harvests in the United States and across the globe.

"Additional downward pressure is likely in the coming months as the U.S. spring wheat harvest begins, further increasing global supply and alleviating market tightness," BMI said.

Separately, the USDA reported 100,000 tons of U.S. hard red winter wheat sale to Nigeria for shipment in the 2025/26 marketing year.

Commodity funds were net sellers of CBOT soybean, wheat, and soyoil futures contracts on Thursday, traders said. Funds were net buyers of corn and soymeal futures, they said.