GRAINS-Chicago soybeans on track for best weekly gain in 10 on trade optimism
BEIJING, Oct 24 (Reuters) - Chicago soybean futures retreated on Friday from a one-month high as crude oil prices dropped, but remained on track for their biggest weekly gain in 10 weeks on hopes of renewed trade talks with top buyer China.
Corn and wheat also softened, but were set for a second consecutive weekly gain.
FUNDAMENTALS
As of 0127 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 slipped 0.17% at $10.43 per bushel, holding near a one-month high.
Corn Cv1 dipped 0.35% to $4.26-1/2 a bushel, while wheat Wv1 lost 0.05% to $5.12-3/4 a bushel. Both remained poised for weekly advances.
Markets are focused on a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea next week, with Trump reiterating that soybean purchases will be a key point of discussion.
A breakthrough deal with Beijing could help U.S. farmers avert significant losses.
Soybean and corn futures had climbed yesterday, tracking stronger crude oil prices after fresh U.S. sanctions on Russia's top two oil producers heightened supply concerns.
Gains cooled on Friday as U.S. crude futures eased. Soybeans and corn often move in tandem with crude due to their use in biodiesel production.
The market still awaits further clarity on corn crop size, with anecdotal reports from farmers of underwhelming yields.
On the global front, the International Grains Council has raised its forecast for 2025/26 global wheat production with crop outlooks upgraded for Russia, the United States and Argentina.
Commodity funds were net buyers of CBOT corn, soy, wheat futures on Thursday, traders said. COMFUND/CBT
MARKET NEWS
Oil prices surged more than 5% to a two-week high on Thursday after Washington imposed sanctions on major Russian companies over the Ukraine war, while major stock indexes climbed as gains in U.S. and European energy shares helped to offset some mixed earnings news. MKTS/GLOB
DATA/EVENTS
1230 US CPI, Core CPI MM, SA September
1230 US CPI, Core CPI YY, NSA September
1230 US CPI Wage Earner September
1345 US S&P Global Mfg PMI Flash October
1345 US S&P Global Svcs PMI Flash October
1345 US S&P Global Comp PMI Flash October
1400 US U Mich Sentiment Final October
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