GRAINS-Soybeans set for weekly loss on demand worries, ample global supply

BEIJING, June 13 (Reuters) - Chicago soybeans fell for a third straight session on Friday and are on track for a weekly loss, pressured by uncertainty over U.S. biofuel mandates, weak exports, and ample global supplies.

Wheat is also headed for a weekly loss, weighed by sluggish demand, abundant supply and favourable global crop conditions. Corn is set for a third consecutive weekly drop.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 slipped 0.12% to $10.41 per bushel, as of 0014 GMT.

* Wheat Wv1 dropped 0.62% to $5.23-2/8 a bushel, down for a fifth straight session, while corn Cv1 eased 0.17% to $4.37-6/8 a bushel, near a seven-month low.

* The U.S. Environmental Protection Agency (EPA) on Friday is expected to propose lower than-anticipated biofuel blending mandates, a primary driver of demand for soybean oil, four sources told Reuters.

* Archer-Daniels-Midland ADM.N, a key U.S. soybean crusher and biofuel producer, cut bids for soybeans this week ahead of the EPA's expected announcement.

* Soybean futures also faced pressure from weak domestic cash markets and poor weekly export sales.

* Brazilian crop agency Conab raised its estimate of the country's 2024/25 soybean harvest to 169.60 million metric tons, up from 168.34 million tons.

* Argentina's 2024/25 soybean harvest is now seen at 50.3 million tons, 300,000 tons above the prior forecast, the Buenos Aires Grain Exchange said on Thursday, citing better yields.

* Wheat prices remain under pressure from weak export sales and seasonal harvest pressure, with favourable crop conditions in the U.S. and Russia weighing further.

* Commodity funds were net sellers of CBOT soyoil, soybean, corn, wheat and soymeal futures contracts on Thursday, traders said. COMFUND/CBT

MARKET NEWS

The dollar hit a 2025 low on Thursday but Wall Street stocks continued their recent rally as traders weighed low inflation readings, rising Middle East tensions, and the fragility of a U.S.-China trade truce. MKTS/GLOB

DATA/EVENTS (GMT)

0600 Germany HICP Final YY May

0645 France CPI YY NSA May

0645 France CPI MM NSA May

0900 EU Total Trade Balance SA April