By Naveen Thukral
SINGAPORE, Jan 21 (Reuters) – Chicago soybean futures fell more than 1% on Friday, hit by improving weather in Latin America after recent rises, but underlying demand for U.S. supplies was seen strong and led to weekly gains.
Wheat and corn lost ground in Asian trade.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 is up almost 3% this week. The market was trading down 1.1% at $14.09-3/4 a bushel, as of 0501 GMT.
Corn Cv1 has added 1.8% this week, while wheat Wv1 is up almost more than 5%.
Analysts are expecting a U.S. Agriculture Department report on Friday to show weekly export sales of soybeans in a range of 700,000 tonnes to 1.5 million tonnes. That compares with 918,598 tonnes a week ago.
China’s soybean imports in December from the United States almost doubled compared with the previous month, customs data showed on Thursday, as more cargoes arrived after earlier delays due to Hurricane Ida.
Argentina, a major grains exporter, is set for further abundant rains in the coming days and a likely near-average month of precipitation ahead, weather experts said, which should cap recent crop losses from an extended drought since December.
Commodity funds were net buyers of CBOT soybean, soymeal and soyoil futures contracts on Thursday, traders said. The funds were net sellers of wheat futures and net even in corn futures. COMFUND/CBT
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Rashmi Aich)
(([email protected]; +65-6870-3829; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
www.nasdaq.com