GRAINS-Soybeans, wheat and corn set for weekly gains ahead of US crop report
BEIJING, Nov 14 (Reuters) - Chicago soybeans fell on Friday but remained on track for a weekly gain, as traders positioned themselves ahead of a U.S. government crop report and braced for the resumption of export data that may offer clues about Chinese buying.
Corn and wheat were also poised for weekly gains.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.17% to $11.45 a bushel, as of 0053 GMT, hovering near its highest level since June 2024.
Corn Cv1 dipped 0.11% to $4.41 a bushel. Wheat Wv1 added 0.19% to $5.36-3/4 a bushel.
Traders are awaiting long-anticipated U.S. Department of Agriculture supply/demand reports due Friday. The agency will also release a list of daily sales of U.S. agricultural products covering the last six weeks.
Brazilian government supply agency Conab raised its estimate of the country's total 2025/26 corn production to 138.84 million metric tons, from 138.28 million in October.
The agency also said Brazil will reap a record soybean crop of 177.6 million tons in the 2025/2026 harvest year.
In Argentina, the Buenos Aires Grains Exchange raised its estimate of the country's wheat harvest to 24 million metric tons, and the Rosario Exchange on Wednesday raised its wheat forecast to a record 24.5 million tons.
Commodity funds were net buyers of CBOT corn, soybean and wheat futures on Thursday, traders said. COMFUND/CBT
MARKET NEWS
Asian shares joined a global selloff on Friday as hawkish comments from Federal Reserve officials doused hopes for a U.S. rate cut next month, while a still messy data calendar added to the angst, hitting bonds, the dollar and even gold. MKTS/GLOB
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY Oct
0200 China Retail Sales YY Oct
0200 China Unemp Rate Urban Area Oct
0430 Japan Tertiary Ind Act NSA Sep
0745 France CPI (EU Norm) Final MM, YY Oct
0745 France CPI MM, YY NSA Oct
1000 EU Total Trade Balance SA Sep
1000 EU GDP Flash Estimate QQ, YY Q3
1100 EU Reserve Assets Total Oct
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