SINGAPORE: Chicago soyabeans rose on Friday as expectations of higher demand for US cargoes underpinned prices, although the market looked poised for a third weekly decline.
Corn and wheat lost ground ahead of a key US supply-demand report due later in the day. “Demand for US soyabeans is picking up which should provide some support to prices,” said one Singapore-based trader. “Grain and oilseed markets are positioning for US production estimates.”
The most-active soyabean contract on the Chicago Board of Trade (CBOT) added 0.2% to $13.21-1/4 a bushel, as of 0520 GMT. Corn lost 0.2% to $4.95-1/2 a bushel and wheat gave up 0.1% to $6.37-1/4 a bushel. Soyabeans are down nearly 1% this week and heading for a third weekly loss, while wheat and corn are largely unchanged.
Analysts on average project the World Agricultural Supply and Demand Estimates will trim the forecast for US soyabean and corn production. The corn harvest could still be the second largest on record, with weather conditions seen turning more favourable.
The US Department of Agriculture (USDA) said early Thursday that export sales of soyabeans totalled 1.503 million metric tons in the week ended Aug. 3. Analysts had predicted a weekly total between 300,000 metric tons and 1.8 million metric tons.
China, the top buyer of the oilseed, accounted for 767,800 metric tons, reflecting a recent string of deals. Corn export sales of 908,800 metric tons were in line with expectations of 275,000 metric tons to 1.2 million metric tons.
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