SYDNEY - U.S. corn futures edged lower on Thursday, falling from a one-week high touched in the previous session, though concerns about further harvest delays provided a floor to losses.

Soybeans ticked higher, recouping all the losses from the previous session, while wheat also edged higher.

The most active corn futures on the Chicago Board of Trade were down 0.1% at $3.90-1/2 a bushel, as of 0210 GMT, having gained 1% in the previous session when prices matched a Oct. 22 high of $3.91-1/4 a bushel.

Analysts said the slow pace of harvesting U.S. crops continued to support prices, though it was likely to be limited unless delays begun to seriously threaten yields.

"There is  some concern about the harvest progress but it is hard to see how this changes the fundamentals. There is ample global supply," said Phin Ziebell, agribusiness economist, National Australia Bank.

Snow and rain are expected in parts of the U.S. Corn Belt, followed by chilly temperatures. The weather could further delay autumn harvests, after rains and historic flooding stalled plantings in the spring.

The U.S. Department of Agriculture (USDA) on Monday reported the U.S. corn harvest was 41% complete, well behind the average pace of 61%. Farmers had harvested 62% of their soybeans, also significantly below the average pace of 78% for this time of the year.

The most active wheat futures were up 0.1% at $5.09-3/4 a bushel, having closed down 0.4% previous session when prices hit a Oct. 16 low of $5.07 a bushel.

The most active soybean futures were up 0.3% at $9.33-1/4 a bushel, having closed down 0.3% on Wednesday.

The market drew support from signs of progress in the U.S.-China trade talks.

However, U.S. Treasury Secretary Steven Mnuchin said it will take time for Chinese purchases of U.S. agricultural goods to "scale up" to the $40 billion to $50 billion annual level touted by President Donald Trump if the two sides can seal a 'Phase One' trade deal.  

(Reporting by Colin Packham; editing by Uttaresh.V)

© Reuters News 2019