Soybeans set for third week of losses on record U.S. output
SINGAPORE, Aug 16 (Reuters) -Chicago soybeans were largely unchanged on Friday, with the market set for its third weekly drop on pressure from expectations of all-time high U.S. output and slowing demand in top importer China.
Wheat and corn lost ground.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was unchanged $9.68-1/2 a bushel as of 0020 GMT. Wheat Wv1 gave up 0.1% to $5.27-1/2 a bushel and corn Cv1 fell 0.2% to $3.95-3/4 a bushel.
* For the week, soybeans are down 3.5%, the biggest decline in a month, wheat has given up 2.8% and corn is little changed.
* The U.S. Department of Agriculture, earlier this week, raised its estimates for corn and soybean production from a month earlier, adding to expectations of hefty global supplies of both crops.
* Traders are consolidating their positions ahead of next week's ProFarmer crop tour. The annual tour of U.S. Midwest corn and soybean fields is widely expected to find record yields.
* The USDA reported net weekly U.S. soybean export sales of 1,344,200 metric tons for 2024-25, topping analysts' expectations for 400,000 to 1,000,000 metric tons.
* The wheat market has been weighed down by ample Black Sea supplies although the market found some support from a Russian attack on Ukrainian port infrastructure.
* Russia attacked the port infrastructure in Ukraine's southern city of Odesa on Wednesday evening, injuring at least two people.
* The International Grains Council trimmed its forecast for 2024/25 global wheat production to 799 million metric tons, down from a previous projection of 801 million tons, driven largely by a downgrade in French output.
* Dry weather will continue to weigh on Argentina's wheat crop over the next few days, the Buenos Aires grains exchange said on Thursday, warning the crop in the country's western farm regions had already been bit by recent cold, dry weather.
* Commodity funds were net buyers of CBOT soymeal contracts and net sellers of corn, soy oil and wheat contracts on Thursday, traders said. Funds were net even on soybeans. COMFUND/CBT
MARKET NEWS
* World stocks rose on Thursday and Treasury yields spiked after surprisingly strong U.S. retail sales data soothed fears about slowing economic growth, and tempered investor bets of imminent aggressive interest rate cuts. MKTS/GLOB
DATA/EVENTS (GMT)
0430 Japan Tertiary Ind Act NSA June
0600 UK Retail Sales MM, YY July
0600 UK Retail Sales Ex-Fuel MM July
0900 EU Total Trade Balance SA June
1000 EU Reserve Assets Total July
1230 US Housing Starts Number July
1400 US U Mich Sentiment Prelim August
Reporting by Naveen Thukral; Editing by Rashmi Aich
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