Soybeans set for first weekly gain in a month on booming US exports
Strong U.S. weekly soybean, corn sales driving futures higher
Wheat market up on supply Russia's move to regulate prices
Adds quote in paragraph 3, updates prices
By Naveen Thukral
SINGAPORE, Oct 25 (Reuters) -Chicago soybeans dipped on Friday, but the market remained ontrack for its first week of gains in a month, whilecorn waspoised for its biggest weekly jump since mid-September as strong demand for U.S. shipments boosted prices.
Wheat inched higher, keeping themarket in positive territory this week after a lower close last week.
"U.S. soybean and corn sales are pretty strong, which is supporting prices," said one trader in Singapore.
"We have to see how long this demand for U.S. supplies lasts for further price direction."
The most-active soybean contract on the Chicago Board of Trade Sv1 lost 0.4% to $9.92-3/4 a bushel, as of 0358 GMT, and corn Cv1 fell 0.2% to $4.20-1/2 a bushel, whilewheat Wv1 added 0.4% to $5.83-3/4 a bushel.
Soybeans are up 2.3% for the week,the market's only weekly gain in one month, corn added nearly 4%, logging itsbiggest weekly rise in four, while wheatgained about 2% after losing ground last week.
U.S. net corn sales for old and new crop totalled 4,183,777 metric tons for the week ended Oct. 17 - surpassing trade expectations and marking the largest week of U.S. corn export sales since May 2021, according to U.S. Department of Agriculture (USDA)data on Thursday.
Net soybean sales for old and new crop reached an eight-week high at 2,151,743 tons, data showed.
Still, prices were kept somewhat in check by hefty global supplies and uncertainty over the outcome of the U.S. presidential election on future trade relations with key markets, analysts said.
The recentrainfall over Argentina's agricultural heartland will likely continue into November, allowing for the normal planting of soybeans and corn, a leading meteorologist told Reuters on Thursday.
Wheat ticked up, with traders continuing to monitor the potential impact on Black Sea trade of Russian efforts to regulate exports.
Most of Ukraine's winter crop is under threat as almost all seedlings are under-developed, analyst APK-Inform quotedUkraine's state weather forecasters as saying.
A record long drought this summer and early autumn led many farmers to sow grain in dry soil and the recentrains have improved the situation.
Commodity funds were net buyers of CBOT corn and soyoil futures contracts on Thursday, and net sellers of soymeal futures contracts, traders said. They werenet even in CBOT soybean and wheat futures contracts, they said. COMFUND/CBT
Reporting by Naveen Thukral; Editing by Alan Barona and Sumana Nandy
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