(Reuters) – U.S. soybean futures edged higher for a second consecutive session, pushing weekly gains beyond 1 percent as the oilseed draws support from strong demand for U.S. supplies.
FUNDAMENTALS
* Chicago Board Of Trade March soybeans up more than 1 percent for the week, the second straight weekly gain.
* March corn down more than 0.5 percent for the week, the third weekly fall in the past month.
* March wheat down more than 1 percent for the week, the seventh weekly loss in the last two months.
* The U.S. Agriculture Department on Thursday said weekly soybean export sales were a stronger-than-expected 746,200 tonnes.
* Wheat exports in line with market expectations, while corn weekly export sales exceeded analysts’ forecasts.
* Domestic demand for soybeans also was strong, causing U.S. cash market dealers to tighten basis bids to drum up sales from farmers.
MARKET NEWS
* The dollar was on the defensive on Friday after soft U.S. economic data halted its surge against peers such as the yen and euro while the market awaited further developments in Greek debt negotiations.
* Oil prices rallied sharply on Thursday after two days of losses as news of deeper industry spending cuts and a sinking
U.S. dollar revived buying.
* U.S. stocks ended sharply higher on Thursday, with a rally in technology stocks leading the Nasdaq to a 15-year high, while a ceasefire agreement between Russia and Ukraine also eased tensions.
