January 24, 2020 / 1:58 AM / in 4 months

GRAINS-Soybeans face second weekly loss on uncertainty over Chinese demand

    SINGAPORE, Jan 24 (Reuters) - Chicago soybean futures slid
for a third consecutive session on Friday with the market poised
for a second weekly decline amid pressure from a lack of Chinese
buying.
    Wheat is on track for a third weekly gain, while corn is up
for a second week. 
    
    FUNDAMENTALS
    * The most-active Chicago Board of Trade soybean contract
      was down 2.3% so far this week, while corn       gained
0.8% and wheat       climbed 1.5%. 
    * The U.S. Department of Agriculture has not confirmed
agricultural sales to China since the countries signed an
initial trade agreement last week, in which Beijing pledged to
increase imports of American farm products.
    * The United States is expected to face stiff competition
for soybean export sales from Brazil, where farmers are set to
bring in massive harvests. 
    * China is the world's top soybean importer and turned to
Brazil, instead of the United States, for supplies during the
height of the trade war.
    * The International Grains Council on Thursday raised its
forecast for global corn production in the 2019-20 season,
driven mainly by upward revisions for China and the United
States.             
    * In its monthly update, the inter-governmental body
increased its global corn crop forecast by 8 million tonnes to
1.111 billion tonnes, still below the previous season's 1.129
billion tonnes.
    * Recent rains in Argentina have helped corn and soybean
development in the South American nation during its hot summer
months, the Buenos Aires grains exchange said on Thursday.
            
    * Farmers are nearly done planting an estimated 6.3 million
hectares of corn and 17.4 million hectares for the oilseed, the
exchange said.
    * Some key Asian feed makers are having to pay more for
higher-quality corn from the Black Sea region as a key
traditional supplier, the United States, struggles with a
weather-damaged crop.             
    * China, South Korea and Bangladesh have turned to Ukraine
for a part of their feed corn demand for February arrival,
according to three trade sources and shipping data.
    * Commodity funds were net buyers of CBOT corn, wheat and
soymeal futures contracts on Thursday and net sellers of soybean
and soyoil futures, traders said.              
    
    MARKET NEWS
    * Stocks made a barely positive start in early Asian trade
on Friday after the world's health body called it a little too
early to declare a coronavirus outbreak a global emergency. 
           
    
    DATA/EVENTS (GMT)
0815   France   Markit Mfg, Serv, Comp Flash PMIs   Jan
0830   Germany  Markit Mfg, Serv, Comp Flash PMIs   Jan
0900   EU       Markit Mfg, Serv, Comp Flash PMIs   Jan
0930   UK       Flash Composite PMI                 Jan
0930   UK       Flash Manufacturing PMI             Jan
0930   UK       Flash Services PMI                  Jan
1445   US       Markit Mfg, Serv, Comp Flash PMIs   Jan
1030   IMF Managing Director Kristalina Georgieva, British
Finance Minister Sajid Javid, Governor of the Bank of Japan
Haruhiko Kuroda, German Finance Minister Olaf Scholz and U.S.
Treasury Secretary Steven Mnuchin speak in Davos on the global
economic outlook   

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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