Soybeans fall over 1% but set for weekly gain on strong demand



SINGAPORE, Jan 21 (Reuters) - Chicago soybean futures fell more than 1% on Friday but were set for a weekly gain on expectations of strong demand for U.S. supplies.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 is up almost 3% this week. The market was trading down 1.1% at $14.09-3/4 a bushel, as of 0207 GMT.

* Corn Cv1 has added 1.6% this week, while wheat Wv1 is up almost 6%.

* Analysts are expecting a U.S. Agriculture Department report on Friday to show weekly export sales of soybeans in a range of 700,000 tonnes to 1.5 million tonnes. That compares with 918,598 tonnes a week ago.

* China's soybean imports in December from the United States almost doubled compared with the previous month, customs data showed on Thursday, as more cargoes arrived after earlier delays due to Hurricane Ida.

* Argentina, a major grains exporter, is set for further abundant rains in the coming days and a likely near-average month of precipitation ahead, weather experts said, which should cap recent crop losses from an extended drought since December.

* Commodity funds were net buyers of CBOT soybean, soymeal and soyoil futures contracts on Thursday, traders said. The funds were net sellers of wheat futures and net even in corn futures. COMFUND/CBT

MARKET NEWS

* Asian share markets and U.S. futures fell on Friday, after U.S. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.
Reporting by Naveen Thukral; Editing by Subhranshu Sahu

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