Chicago soybeans set for second weekly loss on favourable weather, supplies

Zawya

4 hours ago

BEIJING - Chicago soybean futures were poised for a second consecutive weekly loss on Friday, pressured by favourable weather in the U.S. Midwest and abundant global supplies.
The most-active soybean contract rose 0.02% to $10.17 per bushel as of 0226 GMT, but remained near an 11-week low.
Warm weather and rains have created ideal growing conditions for soybeans and corn in the U.S. Midwest. Weather forecaster Vaisala projects widespread rainfall this week, which will likely improve soil moisture further.
In Argentina, soybean sales doubled in the first 18 days of June to 4.71 million tons from a year earlier as farmers raced to close deals before a planned hike in export taxes on July 1, official data analysed by Reuters and industry sources showed.
Additionally, selling pressure ahead of the first notice date for July soybean, wheat and corn contracts weighed on the market.
Wheat and corn were on track for weekly losses amid strong crop production outlooks and ideal growing conditions.
Wheat rose 0.47% to $5.39 a bushel, while corn gained 0.5% to $4.06 a bushel, but hovered near an eight-month low.
On Thursday, the International Grains Council (IGC) raised its 2025-26 world wheat crop outlook by 2 million tons to 808 million on Thursday.
Meanwhile, last week's dry weather in most of Argentina boosted 2025-26 wheat planting, especially in key farm areas that had been struggling with excess moisture after heavy rains in May, the Buenos Aires grains exchange said.
Traders are awaiting the USDA's crop progress and quarterly stock reports on June 30.
Commodity funds were net sellers of Chicago Board of Trade wheat and soymeal futures contracts on Thursday, traders said. Traders were net buyers of soyoil contracts and were net even on corn and soybean futures.