SINGAPORE, Jan 5 (Reuters) – Chicago soybean futures were little changed on Friday, with the market on track for a third weekly decline as much-needed rains across Brazil and forecasts for more wet weather eased concerns over yield losses.
Corn firmed but prices were poised to end the first week of 2024 in negative territory, while wheat was largely unchanged, having lost more than 2% this week.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) is down 2.3% this week, its biggest weekly drop since late September. Corn has given up almost 1% this week, while wheat is down 2.3%.
* Soybeans were unchanged at $12.67-1/2 a bushel, as of 0123 GMT on Friday, corn was flat at $4.66-1/2 a bushel and wheat down quarter of a cent at $6.13-1/4 a bushel.
* Rains over the past several across Brazil’s oilseed growing regions have reduced concerns about crop losses in the world’s biggest soybean exporter.
* Stabilizing crop yields in South America could prevent buyers on the world market from shifting export business to the U.S. from Brazil.
* Later on Friday, the U.S. Department of Agriculture (USDA) is scheduled to issue U.S. grain and soybean export sales data for the week ended Dec. 28.
* The market is also waiting for the USDA to issue quarterly U.S. grain stocks and monthly supply/demand reports on Jan. 12.
* In other news, the U.S. Energy Information Administration said weekly production of corn-based ethanol fell in the latest week to 1.049 million barrels per day, retreating from a two-year high. Stockpiles rose to 23.579 million barrels, the most since April.
* Commodity funds were net sellers of CBOT soybean, soymeal and soyoil futures contracts on Thursday, traders said. Funds were net buyers of CBOT wheat and corn.
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