Chicago soybeans set for weekly loss on mild weather, tepid demand

Chicago soybean futures rose on Friday but remained on track for a second consecutive weekly decline as favourable U.S. weather and weak Chinese demand continued to pressure prices.

Corn and wheat were also set to end the week lower.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! was up 0.33% at $9.93 per bushel, as of 0149 GMT, still hovering near a four-month low.

* Corn ZC1! inched up 0.06% to $4.14 a bushel, while wheat ZW1! rose 0.14% to $5.24 a bushel.

* Cooler temperatures and occasional showers in the U.S. Midwest are expected to benefit corn and soybean crops into early August, according to Commodity Weather Group.

* The U.S. Department of Agriculture reported net weekly soybean export sales of 349,164 metric tons for the 2024-2025 marketing year, above a range of trade estimates.

* Separately, the USDA confirmed private sales of 100,000 metric tons of U.S. corn to Colombia, 140,000 tons to South Korea, and 136,000 tons to undisclosed destinations.

* It also reported 100,000 metric tons of U.S. hard red winter wheat sold to Nigeria for shipment in the 2025/26 marketing year.

* China, the world's biggest soy buyer, faces an August 12 deadline to reach a durable tariff agreement with Trump's administration. The United States believes it has the makings of a trade deal, but it is "not 100% done," Treasury Secretary Scott Bessent said on Thursday.

* China's soymeal inventories have built up in recent months, potentially curbing soybean imports during the peak U.S. marketing season later this year - a bearish sign for American farmers.

* Commodity funds were net sellers of CBOT soybean, wheat, and soyoil futures contracts on Thursday, traders said. Funds were net buyers of corn and soymeal futures, they said. (COMFUND/CBT)

MARKET NEWS

* The U.S. dollar was headed for its first monthly gain for 2025 against major currencies on Thursday, underpinned by easing trade tensions and U.S. economic resilience.

DATA/EVENTS (GMT)

0600 UK Nationwide house price mm, yy July

0750 France HCOB Manufacturing PMI July

0755 Germany HCOB Mfg PMI July

0800 EU HCOB Mfg Final PMI July

0830 UK S&P GLOBAL MANUFACTURING PMI July

0900 EU HICP Flash YY July

0900 EU HICP-X F, E, A, T Flash MM, YY July

1230 US Non-Farm Payrolls, Unemployment Rate July

1230 US Average Earnings YY July

1345 US S&P Global Mfg PMI Final July

1400 US ISM Manufacturing PMI, U Mich Sentiment Final July