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Soybeans set for first weekly loss in six on LatAm rains

01/21/2021 | 08:52pm EST

SINGAPORE, Jan 22 (Reuters) - Chicago soybean futures slid more than 1% on Friday, with the market poised for its first weekly decline in more than a month, as rains in South American key growing areas eased worries about global supply.

Corn and wheat prices were also set for weekly drop.

FUNDAMENTALS

The Chicago Board of Trade (CBOT) most-active soybean contract fell 4.5% this week, after closing firmer for the last five weeks. The market was down 1.2% at $13.52-1/4 a bushel, as of 0134 GMT.

* Corn dropped 2.5% so far this week, its first decline in seven weeks while wheat has lost 3.4% this week after ending the previous week on a positive note.

* Argentine soybean and corn planting sped forward over the last week, helped by rain that moistened fields parched by months of dry weather, the Buenos Aires Grains Exchange said on Thursday.

* More moisture was needed over the short term to ensure good yields for the 2020/21 crop, the exchange said in a report.

* Losses in soybean market were limited by private sales of 136,000 tonnes of U.S. cargoes to China and 163,290 tonnes to Mexico, both for shipment in the 2020/21 season, according to the U.S. Department of Agriculture.

* Corn also benefited from export sales, as the USDA reported private sales of 336,500 tonnes of the U.S. corn to unknown destinations for shipment in the 2020/21 season.

* Ukrainian milling wheat export prices exceeded $300 per tonne on Wednesday, supported by a sharp upward trend in Russia, analyst APK-Inform said on Thursday.

* Russia said the country's wheat export prices rose sharply last week ahead of a new export tax imposed by one of the world's largest wheat exporters from mid-February.

MARKET NEWS

* Asian investors were expecting a mixed day of trading after Wall Street peaked on Thursday, pushed upward by continued optimism about economic stimulus to counteract the COVID-19 pandemic promised by newly inaugurated U.S. President Joe Biden.

DATA/EVENTS (GMT) 0700 UK Retail Sales MM, YY Dec 0700 UK Retail Sales Ex-Fuel MM Dec 0815 France Markit Mfg, Serv, Comp Flash PMIs Jan 0830 Germany Markit Mfg, Serv, Comp Flash PMIs Jan 0900 EU Markit Mfg, Serv, Comp Flash PMIs Jan 0930 UK Flash Mfg, Serv, Comp PMIs Jan 1445 US Markit Mfg, Serv, Comp Flash PMIs Jan 1500 US Existing Home Sales Dec (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 0.99% 559.25 End-of-day quote.13.84%
EURO / ARGENTINE PESO (EUR/ARS) 0.61% 109.7845 Delayed Quote.5.83%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.54% 428.8 End-of-day quote.-2.60%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 3.74% 51.1 End-of-day quote.13.69%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.09% 89.74 Delayed Quote.6.39%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.42% 73.82642 Delayed Quote.-0.38%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.18% 680.25 End-of-day quote.3.94%
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