GRAINS-Chicago soyabeans set to suffer second loss in a row due to favorable weather and supplies
Chicago soybean futures are poised to suffer a second weekly loss in a row on Friday due to favorable weather conditions in the U.S. Midwest, and an abundance of global supplies.
As of 0226 GMT the most active soybean contract increased 0.02%, to $10.17 a bushel. However, it remained close to an 11-week-low.
Midwest U.S. Midwest has experienced ideal conditions for growing corn and soybeans. Vaisala, the weather forecaster, predicts widespread rain this week. This will improve soil moisture even more.
In Argentina, sales of soybeans doubled from the previous year in the 18 first days of June. Farmers were racing to make deals before July 1st when export taxes are set to increase.
The market was also impacted by the selling pressure that occurred before the July 1st notice date of soybean, corn and wheat contracts.
Wheat and corn are on course to lose weekly due to strong crop production forecasts and ideal growing weather.
Corn rose 0.5%, to $4.06 per bushel. Wheat was up 0.47%, to $5.39, but near a low of eight months.
The International Grains Council (IGC), on Thursday, raised its forecast for the 2025-2026 world wheat production by 2 million tonnes to 808 millions.
The Buenos Aires grain exchange reported that the dry weather last week in Argentina has boosted planting of 2025-26 winter wheat, particularly in areas where there had been excessive moisture following heavy rains in early May.
The USDA will release its quarterly crop stock and progress reports on the 30th of June.
Traders reported that commodity funds were net sellers of Chicago Board of Trade futures contracts for wheat and soybean meal on Thursday. Traders bought soyoil and traded corn and soybeans at a net-even level. Reporting by Ella Cao, Lewis Jackson and Sumana Nandy.
(source: Reuters)
