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GRAINS-Dry weather, demand set soybeans for biggest weekly gain since mid-Sept

SINGAPORE, Nov 6 (Reuters) - Chicago soybean futures gained more ground on Friday, with the market on track for its biggest weekly gain since mid-September as dry weather conditions in South America and strong Chinese demand supported prices.

Corn and wheat were poised for weekly gains after tepid performances last week.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade was up 0.2% at $11.06 a bushel, as of 0131 GMT. The market has gained 4.7% this week, its highest since the week ended Sept 18.

* Corn is up almost 3% this week while wheat added nearly 2%.

* Dry weather affecting corn and soybean planting in South America, as well as winter wheat seeding in the United States and Russia, threatens to trim ample global supplies as China drives demand.

* World food prices rose for a fifth month running in October, fully recovering from the shock caused by the global COVID-19 pandemic and with gains seen in most sectors, the United Nations food agency said on Thursday.

* An attache report from the U.S. Department of Agriculture’s Foreign Agricultural Service post in Beijing estimated China’s corn imports in the 2020/21 marketing year at 22 million tonnes, well above the USDA’s official forecast of 7 million tonnes.

* Recent rains in Argentina gave a boost to the start of soybean planting for the 2020/21 cycle, the Buenos Aires Grains Exchange said on Thursday, with a forecast of 17.2 million hectares of planting area for the season.

MARKET NEWS

* A gauge of Asian shares was set to cling to a near three-year peak while the dollar stayed sluggish on Friday as the prospect of a divided U.S. legislature dimmed the chance of major policy changes, lifting risk appetite.

DATA/EVENTS (GMT) 0700 Germany Industrial Output MM Sept 0745 France Reserve Assets Total Oct 0830 UK Halifax House Prices MM Oct 1330 US Non-Farm Payrolls Oct 1330 US Unemployment Rate Oct 1330 US Average Earnings YY Oct 2000 US Federal Reserve issues Consumer Credit for September (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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