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GRAINS-U.S. soybean, corn futures dip on lacklustre export data

Feb 10 (Reuters) - U.S. soybean and corn futures were slightly weaker in range-bound Asian trading on Friday and set for weekly losses as uninspiring export data dented sentiment.

Soybeans were also pressured by expectations that overseas buyers will soon shift to Brazil, although losses were limited by ongoing concerns over production in drought-hit Argentina.
Wheat was slightly up in another choppy session.

FUNDAMENTALS
The most-active soybean contract Sv1 on the Chicago Board of Trade (CBOT) was down 0.1% at $15.17-1/2 a bushel, as of 0208 GMT.

CBOT corn Cv1 dipped 0.1% to $6.70-1/4 a bushel, while wheat Wv1 edged 0.1% higher to $7.57-3/4 a bushel.

The weekly U.S. export data released by the U.S. Department of Agriculture (USDA) on Thursday showed sales of soybeans fell to 644,400 tonnes from 927,951 tonnes. Corn export sales were down 33% at 1.170 million tonnes.

U.S. wheat export sales hit 150,900 tonnes, near the low-end of market expectations.

Traders remained focused this week on the impact of a drought in Argentina on crops, with the USDA making cuts to its forecast for the country's soybean crop.
The USDA trimmed its outlook on Argentine soybean production to 41 million tonnes, down from 45.5 million tonnes in its January estimate.

Traders also kept an eye on rain delays to Brazil's soybean harvest, which may also hold up corn planting.

The new U.S. agriculture trade chief on Thursday told Reuters that he has given Mexico until Feb. 14 to respond to a U.S. request to explain the science behind Mexico's planned bans on genetically modified corn and glyphosate herbicide.

Consultancy Strategie Grains for a second month in a row raised its forecast of European Union soft wheat production this year, citing good growing conditions so far.

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

MARKET NEWS
The dollar slid and a global equity rally lost steam on Thursday as nagging concerns about the economy and the future pace of central bank interest rate hikes unsettled investors who earlier pushed European stocks to almost one-year peaks in Europe.
By: via Malaysian Palm Oil Council Russia