Soybeans set for weekly loss as US harvest outweighs China buying

BEIJING, Oct 16 (Reuters) - US soybean futures were little changed on Friday but remained on track for a weekly loss as expectations of a record US harvest outweighed support from renewed Chinese buying.

Corn edged higher but was marginally down for the week, while wheat slipped.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) slipped 0.02% to $12.62-3/4 a bushel by 0135 GMT. For the week, the contract was down 2.26%.

* Corn gained 0.21% to $4.79 a bushel but was down 0.16% for the week. Wheat eased 0.26% to $6.68-1/4 a bushel and was on track for a weekly loss of 0.41%.

* Soybean and corn prices remain under pressure from the advancing US harvest. The US Department of Agriculture (USDA) said 33% of the country's corn and 46% of soybeans were harvested as of Sunday.

* A recent stretch of dry weather across the US Midwest has helped farmers accelerate the harvest of summer crops, although many growers have prioritised soybeans ahead of corn.

* Fresh Chinese purchases this week lent support to Chicago soybean prices. The USDA on Thursday confirmed private sales of 330,000 metric tons of US soybeans for delivery to China and another 283,450 tons to unknown destinations, all for delivery in the 2026-27 marketing year that began on September 1.

* The US domestic soybean crush last month fell short of expectations, according to a monthly National Oilseed Processors Association report released on Thursday, which showed the September crush at a 13-month low of 196.3 million bushels.

* The USDA is scheduled to release its weekly export sales data later in the day.

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

DATA/EVENTS (GMT)

0500 Japan Chain Store Sales YY Sep

0900 EU Total Trade Balance SA Aug

0900 EU HICP Final MM, YY Sep

1230 US Import Prices YY Sep

1315 US Industrial Production MM Sep

0645 France CPI (EU Norm) Final MM, YY Sep

0645 France CPI YY, MM NSA Sep

1000 EU Reserve Assets Total Sep

1230 US Initial Jobless Clm 10 Oct, w/e

1230 US Philly Fed Business Indx Oct

1230 US Retail Sales MM Sep