Soybean falls

SINGAPORE: Chicago soybean futures lost more ground on Friday, with the market set for a second week of losses as an improving outlook for weather in Argentina boosted hopes for another year of bumper supplies.

Wheat edged lower but the market is set to end the week on a positive note on expectations of strong demand from India, which scrapped an import duty on Thursday to boost purchases.

The Chicago Board of Trade most-active soybean contract is down 0.3 percent this week after dropping 1.8 percent last week.

Wheat has risen 0.5 percent this week after dropping 3.6 percent last week. Corn is on track for a 2 percent rise and a gain for three out of four weeks.

"The main factor which was driving (soybean) prices higher was strong Chinese demand but if you look at the estimates no one has increased their outlook for China´s annual purchases," said Rajesh Singla, head of agriculture research at Societe Generale. "Overall there are forecasts of record production in Brazil which means supplies will be ample next year.

" Strong Chinese demand lifted soybean prices last week to their highest in more than four months, but the market subsequently became weighed down by the prospects of record production in South America.

Dry parts of Argentina may see rains within the next two weeks, meteorologists said, buoying hopes of record production in 2017.