GRAINS-Soybeans and corn suffer weekly losses due to improving weather outlook in Latin America

SINGAPORE, Jan 14 (Reuters) – Chicago soybean and corn futures lost further ground on Friday as both markets were expected to end the week lower on rain forecasts in affected South American growing regions by drought.

Wheat is on track for a third week of declines on an improving supply outlook.


* The most active soybean contract on the Chicago Board of Trade (CBOT) fell 0.9% to $13.65-1/2 a bushel, at 0126 GMT, taking the weekly decline to more than 3%.

* Corn is down 3.3% this week and wheat is down almost 2%.

* Weather forecasts show parched areas of Argentina, the world’s top exporter of processed soybeans and second-largest maize producer, could receive significant rainfall from the end of this week, traders said.

* The United States Department of Agriculture (USDA), in a crop report released on Wednesday, cut its forecast for soybean and corn production in Brazil and Argentina. Some private analysts have downgraded their outlook.

* Brazil is on track to harvest just over 134 million tonnes of soybeans this season, down 7% from the previous November forecast by agribusiness consultancy Agroconsult, as a drought could cause the country’s average yields hit their lowest level in six years.

* According to a presentation on Thursday, the projection also represents a drop of 2% from the 137.1 million tonnes produced in 2021.

* For the wheat market, the International Grains Council raised its forecast for 2021/22 global production on Thursday, partly on the back of improved crop prospects in Australia.

* In its monthly update, the intergovernmental body raised its outlook for the world wheat crop for 2021/22 by four million tonnes to 781 million tonnes.

* The USDA also pegged U.S. winter wheat acreage, U.S. ending stocks and global wheat stocks above analysts’ average estimates.

* U.S. soybean processors likely crushed a near-record volume of soybeans in December amid plentiful crushing supplies and good processing margins, according to analysts polled ahead of a scheduled National Oilseed Processors Association (NOPA) monthly report Tuesday.

* Commodity funds were net sellers of CBOT wheat, corn, soybeans, soybean meal and soybean oil futures on Thursday, traders said.


* Jittery global stock markets fell on Thursday as the dollar weakened, after a drumbeat of hawkish remarks from Federal Reserve officials made it clear that U.S. interest rates could rise as soon as March, ending conditions ultra-accommodating currencies.

DATA/EVENTS (GMT) 0300 China Exports, Imports YY Dec 0300 China Trade Balance Dec 0700 UK GDP Est 3M/3M Nov 0700 UK GDP Estimate MM, YY Nov 0700 UK Manufacturing Output Nov 0745 France IPC (EU standard) Final MM, YY Dec. 1100 EU reserve assets Total Dec. 1330 US retail sales MM Dec. 1415 US industrial production MM Dec.