Soybeans set for third straight weekly loss on Brazilian rains

SINGAPORE, Jan 5 (Reuters): Chicago soybean futures edged higher on Friday, but the market was on track for a third weekly decline as much needed rains across Brazil and forecasts for more wet weather eased concerns over yield losses.
Corn and wheat prices firmed but both markets were poised to end the first week of 2024 in negative territory.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 is down 2.3% this week, its biggest weekly drop since late September. Corn Cv1 has given up almost 1% this week, while wheat Wv1 is down almost 2%.
Soybeans were up 0.1% at $12.68-3/4 a bushel, as of 0416 GMT on Friday, corn added 0.1% to $4.66-3/4 a bushel and wheat rose 0.5% to $6.16-1/4 a bushel.
Rains over the past several days across Brazil's oilseed growing regions have reduced concerns about crop losses in the world's biggest soybean exporter.
Stabilizing crop yields in South America could prevent buyers in the world market from shifting export businesses to the U.S. from Brazil.
Later on Friday, the U.S. Department of Agriculture (USDA) is scheduled to issue U.S. grain and soybean export sales data for the week ended Dec. 28.
The market is also waiting for the USDA to issue quarterly U.S. grain stocks and monthly supply/demand reports on Jan. 12.
In other news, the U.S. Energy Information Administration said weekly production of corn-based ethanol fell in the latest week to 1.049 million barrels per day, retreating from a two-year high. Stockpiles rose to 23.579 million barrels, the most since April. EIA/S
Commodity funds were net sellers of CBOT soybean, soymeal and soyoil futures contracts on Thursday, traders said. Funds were net buyers of CBOT wheat and corn.