SINGAPORE, Dec 1 (Reuters) - Chicago corn futures were little changed on Friday as the market took a breather following two sessions of gains amid concerns over weak U.S. exports.
Wheat ticked higher, recouping some of last session’s losses while soybeans were largely unchanged.
* The corn market is facing pressure from lower-than-expected U.S. weekly export sales.
* The U.S. Department of Agriculture reported export sales of U.S. corn in the latest week at 599,200 tonnes, below a range of trade expectations for 700,000 to 1,100,000 tonnes.
* Weekly wheat sales totalled 187,400 tonnes (old and new crop years combined), also below expectations.
* For soybeans, weekly U.S. export sales totalled 942,900 tonnes, in line with trade expectations.
* Commodity funds hold massive net short positions in both corn and wheat, leaving those markets vulnerable to short-covering rallies.
* CBOT soybean futures are facing pressure from beneficial rains in Argentina’s crop belt and the U.S. Environmental Protection Agency’s biofuel mandates.
* The EPA set a 2019 target for soy-based biodiesel at 2.1 billion gallons, unchanged from 2018, a factor that disappointed those hoping for an increase.
* Russia’s winter grain sowings are in a worse condition than a year ago, but snow and rains may help in December, the head of the weather forecaster Hydrometcentre said on Thursday.
* Russia, one of the world’s largest wheat exporters, harvested a record grain crop this year mostly due to favourable weather in spring and early summer.
* Canadian farmers harvested the biggest canola crop on record, slightly larger than was expected in September, a Reuters survey of 15 traders and analysts showed ahead of a key government report.
* Asian shares pushed higher on Friday, cheered by Wall Street gains after apparent progress on U.S. tax legislation as investors waited for the Senate’s vote, while higher U.S. Treasury yields underpinned the dollar.
DATA AHEAD (GMT) 0145 China CAIXIN PMI Nov 0850 France Final Manufacturing PMI Nov 0855 Germany Final Manufacturing PMI Nov 0900 Euro Zone Final Manufacturing PMI Nov 0930 U.K. Manufacturing PMI Nov 1445 U.S. MARKIT Manufacturing PMI Nov 1500 U.S. ISM Manufacturing activity index Nov 1500 U.S. Construction spending Oct :: U.S. Car sales Nov (Reporting by Naveen Thukral)