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GRAINS-Soybeans slip; set for biggest weekly gain in 2 months on strong demand

SINGAPORE, June 10 (Reuters) - Chicago soybean futures slid on Friday but the market is poised for its biggest weekly jump in two months, as robust demand for U.S. cargoes underpinned prices.

Wheat gained ground and the market was in track for its first weekly gain in almost a month on the back of tightening global supplies.

FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 has added nearly 4% this week, the biggest rise since early April. Prices were trading down 0.3% at $17.64-1/4 a bushel, as of 0023 GMT.

Wheat Wv1 is set to finish the week up 3.7% and corn Cv1 has risen 6.3% this week.

The U.S. Department of Agriculture (USDA) said weekly old-crop soybean export sales totalled 429,900 tonnes, up 41% from the average of the prior four weeks.
China imported 20% more soybeans in May than in April, as some delayed cargoes arrived, customs data showed on Thursday.

China, the world's top soybean importer, brought in 9.67 million tonnes of the oilseed in May, up from 8.08 million tonnes in April, data from the General Administration of Customs showed.

Concerns about hot and dry weather stressing the U.S. Midwest crop during its early stages of development added support to corn.

Investors in the agricultural markets are adjusting positions ahead of the USDA's monthly world crop forecasts due later on Friday.

Farm office FranceAgriMer on Thursday lowered its forecast for French soft wheat exports outside the European Union this season for a third month in a row, saying high prices due to the war in Ukraine had curbed international demand.

French soft wheat exports to non-EU destinations in the 2021/22 season that ends on June 30 are now expected at 9.1 million tonnes, down from 9.25 million projected in May, FranceAgriMer said in a cereal supply and demand update.

Argentina's 2022/23 wheat crop will likely come in at 18.5 million tonnes, down from 19 million tonnes previously estimated, the Rosario grains exchange said on Thursday, citing reduced planting by farmers due to dry weather.

The exchange cut its forecast for the planting area of the crop to 6.2 million hectares, the lowest in 12 years. That was down from a 6.35 million-hectare estimate previously.

Commodity funds were net buyers of CBOT soybean, corn and soymeal futures contracts on Thursday and net sellers of wheat and soyoil futures, traders said.

MARKET NEWS
U.S. and European shares slid while benchmark euro zone yields hit an eight-year high on Thursday after the European Central Bank prepared to hike interest rates next month for the first time since 2011 and as pending inflation data spooked investors.
By: via Malaysian Palm Oil Council Russia