Soybeans firm, set for second week of gains on strong demand
Soybeans eye weekly gains on robust demand for US supplies
Wheat firms, gains capped by improved weather in US Plains
Adds detail, updates prices
SINGAPORE/PARIS, Nov 1 (Reuters) -Chicago soybean futures rose for a third consecutive session on Friday, with the market on track for a weekly gain, on support from strong demand for U.S. cargoes.
Wheat and corn also rose.
"U.S. soybean and corn exports are booming which is providing support to prices," said one grains trader in Singapore. "U.S. prices for soybeans, corn and soymeal are among the cheapest in the world right now."
The most-active soybean contract on the Chicago Board of Trade Sv1 rose 0.7% to $10.01 a bushel, as of 1145 GMT, wheat Wv1 added 0.9% to $5.75-1/2 a bushel and corn Cv1 gained 0.4% to $4.12-1/4 a bushel.
For the week, soybeans are up more than 1.3%, rising for the second week in a row, and wheat is up 1.2% after losing ground last week. Corn is down 0.7% after a positive finish last week.
Strong export demand is supporting soybean futures despite U.S. farmers harvesting some of the largest crops in history.
The U.S. Department of Agriculture (USDA) reported export sales of U.S. soybeans and corn in the week ended Oct. 24 at 2.3 million metric tons each. Both were in line with trade expectations.
For wheat, rains hitting the U.S. Plains are providing much-needed moisture to the region, which was hit by dry weather. Drought was affecting 62% of the U.S. winter wheat crop as of Tuesday, up from 58% a week earlier, according to the U.S. Drought Monitor.
The European Commission on Thursday lowered virtually all its estimates for this year's grain crops in the European Union, which would lead to much tighter stocks at the end of the 2024-25 season in the 27-member bloc.
In supply and demand data, the Commission put this year's production of common wheat, or soft wheat, in the EU at 112.6 million metric tons, down two million from a month ago and 10% below the volume produced last year.
Algeria is believed to have purchased about 600,000 metric tons of milling wheat at around $263 a ton cost and freight included in an international tender that closed on Thursday, European traders said on Friday.
Traders suspected that much of the wheat would be sourced from the Black Sea region.
Argentine farms planted with corn could surpass the 6.3 million hectares (15.6 million acres) planned for the current crop due to fewer leafhopper insects plaguing the area, after recent harvests sustained major losses due to the bug, a major grains exchange said on Thursday.
Commodity funds were net buyers of CBOT soyoil futures contracts and net sellers of soymeal and wheat contracts on Thursday, traders said. Funds were net even in soybean and corn contracts. COMFUND/CBT
Reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Editing by Alan Barona, Sumana Nandy and Vijay Kishore
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