Corn, soybeans and wheat head for weekly losses amid ample supply
Adds analyst comment, updates prices
CANBERRA, July 19 (Reuters) -Chicago corn and soybean futures rose on Friday but were near their lowest levels since 2020 andheading for weekly losses due tofavourable crop weather in the United States and expectations of plentiful supply.
Wheat futures were flat and also on track for a weekly decline, with prices close to four-month lows.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.5% at $10.47-3/4 a bushel by 0511 GMT, with CBOT corn Cv1 0.2% higher at $4.06 a bushel and wheat Wv1 unchanged at $5.35-1/4 a bushel.
All three contracts were down between 1.7% and 2.8% from last Friday's close, their second consecutive weekly loss.
"These markets are pretty well supplied," said Andrew Whitelaw at consultants Episode 3 in Canberra.
U.S. crop weather has been generally beneficial, bolstering expectations of large U.S. corn and soybean harvests, and the U.S. wheat harvest is progressing rapidly, adding new supply to the market.
China is facing an oversupply of soybeans as record high purchases boost stockpiles at a time when animal feed demand remains subdued.
Soybeans were also under pressure from the prospect of a Donald Trump election victory renewing a trade war with Beijing and hindering U.S. exports to China, Whitelaw said.
The International Grains Council (IGC) on Thursday raised its forecast for 2024/25 world corn production by 2 million metric tons to 1.225 billion tons and its world wheat output estimate by 8 million tons to 801 million tons, adding to expectations of strong supply.
Weekly export sales of U.S. old-crop corn totalled 437,800 tons, below trade expectations, while new-crop corn sales totalled 486,700 tons, the U.S. Department of Agriculture (USDA) reported.
Soybeans got a boost on Thursday after the USDA confirmed private sales of 510,000 metric tons of U.S. new-crop soybeans to undisclosed destinations, the largest daily "flash sale" of U.S. soybeans since November.
Commodity funds were net buyers of CBOT soybeans on Thursday, net sellers of corn and net even in wheat, traders said. Speculators hold large net short positions in all three crops.
Reporting by Peter Hobson; Editing by Sherry Jacob-Phillips and Sohini Goswami
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