Soybeans set for 4th straight weekly loss on weak demand, high supplies
SINGAPORE/PARIS: Chicago soybean futures were on track for a fourth straight weekly loss on Friday as expectations of higher US production and slowing demand in top buyer China dragged prices lower.
Corn hovered near its highest level in more than a month as concerns about delays in spring planting underpinned the market.
The most-active soybean contract on the Chicago Board Of Trade has slipped this week, but was trading 0.2 percent higher at $245-1/4 a bushel by 1150 GMT.
Corn was down 0.2 percent at $369-3/4 a bushel but still poised for its strongest weekly rally since late November. Wheat pared 0.6 percent to $441-1/2, which would allow it to end the week nearly stable after suffering three weeks of losses.
"Soybeans' weak export sales data and ongoing concerns that poor weather could lower corn sowing and increase soy plantings are dragging," brokerage Allendale said in a note.
The US Department of Agriculture (USDA) on Thursday reported that a net 336,929 tonnes of US soybeans were sold for export last week, below trade estimates for at least 400,000 tonnes. Sales of soymeal also fell short of expectations.
The market was awaiting further clarity on the US-China trade negotiations.
Officials from the two countries met in Beijing this week and will meet again in Washington next week, aiming to resolve a year-long trade war that has slashed China's purchases of US agricultural products, including soybeans.
Spring corn planting across the heart of the US farm belt is off to a slow start due to rainy weather.
Forecasts for storms through most of the next two weeks have sparked concerns that more farmers would abandon corn seeding in favour of soybeans, which can be planted later in the spring.
Expectations of higher soybean supplies come as the deadly spread of African Swine Fever across China is curbing demand for protein-rich animal feed ingredient soymeal.
Commodity funds were net buyers of CBOT corn and wheat futures contracts on Thursday, and net sellers of soybeans, soymeal and soyoil, traders said.