Soybeans rise on strong export sales, but harvest keeps weekly loss in view

By Reuters News

BEIJING, Oct 23 (Reuters) - Chicago soybeans rose on Friday on strong US export sales but remained on track for a weekly loss as the Midwest harvest advanced.

Wheat was also headed for a weekly decline amid optimism that diplomatic efforts could ease the Russia-Ukraine war, while corn was likewise set to finish the week lower.

FUNDAMENTALS

* The most-traded soybean contract on the Chicago Board of Trade (CBOT) rose 0.2% to $12.55-1/2 a bushel, as of 0152 GMT, though it was down 0.46% for the week.

* CBOT corn gained 0.11% to $4.61 a bushel but remained down 2.97% for the week. Wheat added 0.8% to $6.29-3/4 a bushel, while still heading for a 4.69% weekly loss.

* Drier weather in the Midwest this week accelerated harvesting of what the government projects to be bumper corn and soybean crops, though analysts said harvest pressure is easing as work nears completion.

* USDA weekly export sales were strong: soybeans totalled 2.84 million metric tons, within expectations, while corn sales of 1.53 million tons exceeded forecasts. Wheat sales were 239,600 tons.

* Russian President Vladimir Putin hosted US envoy Steve Witkoff on Wednesday, a day after Witkoff met Ukrainian President Volodymyr Zelenskiy in Norway.

* The discussions raised expectations of potential de-escalation that might revive grain shipments through the critical Black Sea shipping area.

* Forecast rain in the US southwest Plains is expected to benefit hard red winter wheat in Kansas, Texas, and Oklahoma, weighing on Kansas City wheat futures.

* Commodity funds were net sellers of CBOT corn and wheat, traders said on Thursday.

DATA/EVENTS (GMT)

0030 Japan CPI, Core Nationwide YY Sep

0030 Japan CPI, Overall Nationwide Sep

0030 Japan S&P Global Mfg PMI, Comp Op, SVC PMI Flash SA Oct

0500 Japan Chain Store Sales YY Sep

0600 UK Retail Sales MM, Ex-Fuel MM, YY Sep

0715 France S&P MFG, Services, Composite Flash PMI Oct

0730 Germany S&P MFG, Services, Composite Flash PMI Oct

0800 EU S&P MFG, Services, Composite Flash PMI Oct

0830 UK Flash Composite, Manufacturing, Services PMI Oct

1345 US S&P Global Mfg, Svcs, Comp PMI Flash Oct

1400 US U Mich Sentiment Final Oct

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