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SINGAPORE — Chicago soybean futures inched lower in early Asian trading on Friday and were poised for weekly losses, despite gaining some support on uncertainty over supply from top producer Argentina amid dry weather conditions.
Wheat and corn posted tepid movements and were headed for weekly losses.
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FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $15.07-3/4 a bushel, as of 0157 GMT.
* Wheat was flat at $7.13 a bushel, while corn was steady at $6.34-1/4 a bushel.
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* For the week, soybeans are down 0.8%, corn dropped about 2.3% and wheat lost 1.2%.
* The Buenos Aires grains exchange said on Thursday it plans to cut its estimate for Argentina’s soybean crop for the 2022/23 cycle for the fourth time as the country struggles with the impact of drought and high temperatures.
* Ukraine sees no need to limit wheat exports for the upcoming 2023/24 July-June season, as the winter harvest looks to be larger than expected, albeit smaller than in peacetime, a top agriculture ministry official said on Thursday.
* Iranian state agency, Government Trading Corporation (GTC), is believed to have purchased Russian-origin milling wheat in a tender that closed on Wednesday, European traders said on Thursday.
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* The U.S. Department of Agriculture is scheduled to release the March crop supply-demand report, which will estimate 2022-23 U.S.-ending stocks for wheat, corn and soybeans on Wednesday, March 8, at 12 p.m. EST (1700 GMT).
* Commodity funds were net buyers of Chicago Board of Trade soybean, wheat, soymeal and soyoil futures contracts and net sellers of CBOT corn on Thursday, traders said.
MARKET NEWS
* Asian shares rose on Friday after Wall Street stocks reversed losses to end higher overnight, as investors weighed signals of a measured interest rate approach from U.S. Federal Reserve officials and prospects of an economic recovery in China.
(Reporting by Matthew Chye; Editing by Sherry Jacob-Phillips)
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