Soybeans set for weekly gain on oil rally; USDA report in focus

By Daphne Zhang

BEIJING, Jan 9 (Reuters) - Chicago soybean futures rose on Friday and were on track for a weekly gain, bolstered by higher oil prices and continued Chinese demand for U.S. supplies.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.47% to $10.61-3/4 a bushel by 0450 GMT. Soyoil BOcv1 gained 0.71% to 49.8 cents per pound.

The price jumps were supported by rising oil costs that climbed for a second day on Friday. Oil prices were supported by concerns over supply disruptions in Venezuela and unrest in Iran, which also helped lift soyoil prices. [O/R]

Soyoil often tracks crude because it is used in biofuel as a substitute for fossil fuel.

"The deficit in U.S. soybean exports that we have seen this year continues to narrow with Chinese purchases of cargoes from the United States," said one U.S.-based analyst.

On Thursday, the U.S. Department of Agriculture (USDA) confirmed that exporters sold 132,000 metric tons of U.S. soybeans to China. Traders said there was talk of bigger sales.

Wheat and corn were also poised for their weekly gains as traders adjusted positions before Monday's USDA report and monitored crop conditions across the U.S. Plains.

CBOT wheat Wv1 was flat at $5.18-1/4 a bushel. Corn Cv1 fell 0.11% to $4.45-1/2 a bushel.

The USDA's reports on Monday will include estimates for winter wheat plantings and last year's corn and soybean harvests.

Analysts expect the USDA to estimate farmers planted 32.413 million acres of winter wheat for harvest in 2026, down from 33.153 million acres planted for harvest in 2025, according to a Reuters poll.

In exporter Argentina, dry weather since last month has damaged 2025-26 corn crops in western Buenos Aires province, though significant rain was forecast in the coming days, the Buenos Aires Grains Exchange said.