CANBERRA, Aug 20 (Reuters) – U.S. soybean futures on Friday rebounded from a greater than two-week low touched within the earlier session, although the oilseed was poised to file weekly losses as rains eased considerations about U.S. crops.
FUNDAMENTALS
* Essentially the most lively soybean futures on the Chicago Board Of Commerce Sv1 have been up 0.3% at $13.23-1/2 a bushel by 0205 GMT, having closed down 2.5% on Thursday when costs hit an Aug. Four low of $13.14-1/Four a bushel.
* Soybeans are down greater than 3% for the week after closing up 2.1% within the earlier week.
* Essentially the most lively corn futures Cv1 are down almost 4% for the week, the primary weekly loss in a month.
* Essentially the most lively wheat futures Wv1 are down greater than 3% for the week, the primary weekly loss in 4.
* Rains anticipated throughout northwestern parts of the U.S. Midwest may enhance manufacturing prospects, significantly for soybeans.
* Corn yields and soybean pod counts in Illinois are projected to be above a three-year common, scouts on an annual tour discovered on Wednesday. Estimates for all of Iowa and Minnesota are anticipated afterward Thursday.
* Bettering export demand for U.S. soybeans underpinned futures. Export gross sales topped 2 million tonnes within the week ended Aug. 12, and the U.S. Division of Agriculture confirmed non-public gross sales of 263,000 tonnes of U.S. soybeans to China and 148,590 tonnes to Mexico.
MARKET NEWS
* The euro bought off to an unusually quiet begin in Asia on Monday, having posted its worst weekly efficiency in three months, as traders await extra developments and rankings downgrades from Europe. USD/
* Oil edged decrease in risky buying and selling on Friday, posting a second consecutive weekly loss as warning about Europe’s debt disaster and year-end positioning continued to spark promoting into rallies. O/R
* A rally in U.S. shares fizzled, leaving main indexes with modest positive aspects on Friday, as Wall Avenue was torn between hope that U.S. financial knowledge alerts higher occasions forward and concern Europe’s debt disaster will engulf world economies. .N
(Reporting by Colin Packham; Modifying by Ramakrishnan M.)
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