October 19, 2018 / 3:04 AM / 8 months ago

GRAINS-Soybeans face 2nd week of losses on lean U.S. weekly exports

* Soybeans down 0.7 pct this week, biggest loss since mid-Sept

* Low U.S. exports, improved harvest weather weigh on soybeans

* Corn down 1 pct this week, after two weeks of gains (Adds details, quote)

By Naveen Thukral

Oct 19 (Reuters) - Chicago soybean futures slid on Friday with the marker on track for their second week of declines on pressure from disappointing U.S. weekly exports and improved harvest weather.

The corn market is poised to end the week on a negative note after climbing for the last two weeks, while wheat is set for a second week of decline on stiff competition from the Black Sea exporters.

The most-active soybean contract on the Chicago Board Of Trade has lost 0.6 percent this week, its biggest weekly slide since mid-September.

Corn is down 1 percent for the week, biggest weekly loss since Sept. 14, and wheat has given up 0.9 percent this week, set for a second consecutive weekly slide.

“Exports are slowing down as China is absent from the market, but that has been largely factored into the market and we are now looking at non-China demand for U.S. beans,” said one India-based agricultural commodities analyst at an international bank.

“U.S. wheat exports are also running slow, they have to catch up to meet USDA’s expectation.”

The U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 295,600 tonnes, below a range of trade expectations. The figure included cancellations of 694,400 tonnes of soybeans sold to unknown destinations.

China’s soybean imports are set to drop by a quarter in the last three months of 2018, their biggest fall in at least 12 years as buyers curb purchases amid the Sino-U.S. trade war and high domestic stockpiles.

On Friday, soybeans were down 0.1 percent at $8.62-3/4 a bushel, as of 0245 GMT; corn dipped 0.2 percent to $3.70 a bushel and wheat slid 0.1 percent to $5.12-3/4 a bushel.

Planting area for Argentina’s 2018-19 soy crop is seen at 17.5 million hectares, the secretary of agriculture said on Thursday, higher than the 17.2 million hectares of soy planted in the 2017-18 season.

The USDA pegged weekly U.S. corn sales at 382,500 tonnes, a marketing year low that fell well below trade expectations for 800,000 to 1.3 million tonnes.

Commodity funds were net sellers of CBOT soybean, corn, soymeal, wheat and soyoil futures contracts on Thursday, traders said. (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

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