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
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