Soybeans set for biggest weekly gain in 2 months

10/21/2021 | 10:00pm

CANBERRA, Oct 22 (Reuters) - U.S. soybean futures edged higher on Friday as strong demand for U.S. supplies was set to drive the oilseed towards its biggest weekly gain in nearly two months.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.4% at $12.28-1/2 a bushel by 0143 GMT, having closed down 1.7% on Thursday.

* Soybean up nearly 1% for the week, the first weekly gain since Aug 27.

* The most active corn futures up nealy 1.5% for the week, the first seven-day rally in three weeks.

* The most active wheat futures up nearly 2% for the week, the first weekly gain in three weeks.

* Rains expected across Brazil, boosting crop prospects.

* U.S. soybean export sales for the week ended Oct. 7 were 2.88 million tonnes, primarily due to sales to China, beating trade expectations, according to the U.S. Department of Agriculture.

* Corn supported as USDA confirms daily export sale of 130,000 tonnes to Mexico, as well as strong weekly ethanol production.

* U.S. weekly wheat exports of 362,400 tonnes were down 36% from the previous week, but in line with analyst expectations.

MARKET NEWS

* The dollar gained on Thursday against a basket of currencies, erasing earlier losses, boosted by better jobs and housing data, and as U.S. Treasury yields rose.

* Oil tumbled on Thursday as a forecast for a warm U.S. winter put the brakes on a rally that drove prices to a three-year high above $86 a barrel early in the session on tight supply and a global energy crunch. (Reporting by Colin Packham)

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