Soybeans set for second weekly drop on ample supply, China demand woes

Chicago soybean futures fell on Friday and were on track for a second consecutive weekly drop, as support from a softer dollar and recent Chinese purchases was pressured by ample supplies and doubts China will buy enough to stem further declines. Wheat and corn also fell. Wheat was heading for a fourth consecutive weekly decline due to abundant global supply, with Argentina and Australia currently harvesting big crops. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.9% at $10.83-1/2 a bushel, as of 1200 GMT, and has lost 2% from last Friday’s close. CBOT wheat Wv1 fell 0.7% to $5.30 a bushel, set for a weekly loss of 1%, while corn Cv1 lost 0.4% to $4.44-3/4 a bushel and was flat over the week. A weaker dollar makes U.S. crops more competitive in export markets. Soybeans rose to a 17-month high of $11.69-1/2 in November on optimism that China would quickly buy large quantities from the United States, but the rally faded as the actual pace of ...