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 offset by ample supplies and doubts China will buy enough to stem further declines. Wheat futures edged higher and corn dipped amid healthy U.S. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.1% at $10.92-1/4 a bushel, as of 0524 GMT, and has lost 1.2% from last Friday’s close. CBOT wheat Wv1 rose 0.1% to $5.34 a bushel, but has slipped 0.4% for the week, while corn Cv1 edged 0.1% lower at $4.46-1/4 a bushel and was up 0.3% over the week. The dollar steadied after two days of weakening after the U.S. 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 buying disappointed traders. That said, ...