GRAINS-Soybeans set to snap seven-week rally on slow China buying

BEIJING, Dec 5 (Reuters) - Chicago soybean futures slipped on Friday and were set for their first weekly loss after seven straight weeks of rise, pressured by concerns over China's slow soy buying pace.

Wheat fell amid ample global supplies but remained on course for a weekly gain. Meanwhile, corn was poised for a weekly drop, though prices hovered near six-month high on solid export demand.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 eased 0.04% to $11.19 a bushel as of 0156 GMT.

CBOT wheat Wv1 lost 0.19% to $5.39-1/4 a bushel. Corn Cv1 dipped 0.17% to $4.46-1/2 a bushel.

The USDA reported net export sales of U.S. soybeans in the week ended October 30 at 1,248,500 metric tons, in line with analysts' estimates. The tally included 232,000 tons sold to China, the country's first purchases of the 2025 harvest. EXP/SOY

The USDA's Foreign Agricultural Service post in Beijing forecast China's 2025-26 marketing year soybean imports at 106 million metric tons, down 1 million metric tons year-over-year as Beijing continues efforts to limit import growth.

In Brazil, soybean exports surged 64% year-on-year in November to 4.2 million metric tons, the government said on Thursday, with good local supply allowing elevated shipments before the world's largest importer China shifts to the U.S.

Statistics Canada reported the country's total wheat production at nearly 40 million tons, versus an average of trade expectations for 38.5 million tons.

Cold conditions in the U.S. Midwest this week have slowed the movement of grain in some areas, including on rivers that serve Gulf export terminals, underpinning corn cash values.

Traders are beginning to adjust positions ahead of the USDA's December 9 monthly supply/demand report.

Commodity funds were net buyers of CBOT corn, wheat and soy futures on Thursday, traders said. COMFUND/CBT

MARKETS NEWS

Global shares and the dollar on Thursday were mostly higher as traders await a Federal Reserve interest rate cut. MKTS/GLOB