(Reuters) – U.S. soybean futures fell for a second consecutive session on Friday, hovering close to a 2-1/2 month low, as the oilseed was poised to record weekly losses of nearly six percent as bumper global supplies, weak soymeal prices and weaker-than-expected crushing demand drags on prices.
FUNDAMENTALS
* Chicago Board Of Trade March soybeans down nearly six percent for the week, the biggest seven-day drop for the contract since July 4, 2014.
* March corn down nearly five percent for the week, the biggest one-week loss since July 7, 2014.
* March wheat down more than five percent for the week, the biggest 7-day loss since September 2014.
* The National Oilseed Processors Association in a monthly report released at midday said soy crushers in the United States processed 165.383 million bushels of soybeans in December. The figure was just below the record-large crush from the same month in 2013 but came in near the low end of analyst expectations.
* The U.S. Department of Agriculture earlier reported weekly sales of 818,700 tonnes of corn and 1.13 million tonnes of soybeans, above analyst expectations.
* U.S. wheat exports of 284,700 tonnes were near the low end of estimates. Egypt’s main buying agency earlier announced a purchase of 240,000 tonnes of wheat from France. No U.S. wheat was offered in the tender, with supplies uncompetitive in the top global wheat market.
MARKET NEWS
* The euro hovered above an 11-year trough early on Friday as investors wagered the Swiss move to abandon its currency cap meant it was almost certain the European Central Bank would launch large-scale bond buying next week.
* Oil prices declined on Thursday as an erratic dollar and expectations of weakening demand dashed hopes that a strong rally Wednesday might have signaled a bottom to the seven-month price rout.
* U.S. stocks fell for a fifth straight session Thursday as bank results disappointed and investors fretted over the potential impact of global economic weakness on U.S. corporate earnings.
