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GRAINS-Soybeans set for biggest weekly gain in 1 year on U.S. weather

SINGAPORE, July 29 (Reuters) - Chicago soybeans ticked lower on Friday but the market is poised for its biggest weekly rise in more than a year as forecasts of hot and dry weather in the U.S. Midwest raised concerns over supplies.

Corn is on track for its biggest weekly gain in almost five months, while wheat is set to finish the week in a positive territory after two weeks of decline.

FUNDAMENTALS
The Chicago Board of Trade's (CBOT) most-active soybean contract Sv1 lost 0.1% to $14.38-1/2 a bushel, as of 0032 GMT. The is market is up 9.4% this week, the biggest gain since early July 2021.

Corn Cv1 has added 9.4%, the biggest weekly rise since early March and wheat Wv1 is up close to 7% this week.

U.S. corn and soybeans have enjoyed seasonably cool, wet weather this week, with much of the U.S. corn crop pollinating during the month of July, though a hot and dry forecast for early August has farmers concerned.

For the wheat market, there is still some uncertainty about the volume of Ukraine's grain exports through the Black Sea despite expectations they could start within days.

U.N. aid chief Martin Griffiths said on Thursday he was hopeful that the first shipment of grain from a Ukrainian Black Sea port could take place as early as Friday, but "crucial" details for the safe passage of vessels were still being worked out.

Griffiths said Turkish, Russian and Ukrainian military officials were working with a U.N. team at a Joint Coordination Center in Istanbul to hammer out standard operating procedures for the deal agreed by the four parties last Friday.

Argentina's wheat planting for the 2022/2023 season has been supported by rainfall in recent days that has helped ease drought conditions in some areas, the Buenos Aires Grains Exchange said on Thursday, a boost for the key farm sector.

The Brazilian government confirmed that China has opened its market to soybean meal produced in the South American country, adding shipments would begin when certain bureaucratic hurdles are removed.

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

MARKET NEWS
Wall Street stocks rallied on Thursday, while Treasury yields fell for the third straight day as investors digested data showing a declining U.S. economy for a second straight quarter, a day after the Federal Reserve hiked interest rates.
By: via Malaysian Palm Oil Council Russia