Chicago soybean futures ticked higher on Friday and were set for their biggest weekly gain in two months on strong demand for U.S. supplies and near record edible oil prices.

Wheat and corn gained ground and both markets were poised for their first weekly gains in three.

The most-active soybean contract on the Chicago Board Of Trade (CBOT) was up 0.1% at $12.24-3/4 a bushel by 0310 GMT. Soybeans have gained nearly 1% for the week, the first weekly gain since Aug. 27.

Corn is up almost 1.5% for the week and wheat has added almost 2%.

U.S. soybean export sales for the week ended Oct. 7 were 2.88 million tonnes, primarily due to sales to China, beating trade expectations, according to the U.S. Department of Agriculture (USDA).

The USDA confirmed daily export sales of 130,000 tonnes to Mexico, as well as strong weekly ethanol production.

U.S. weekly wheat exports of 362,400 tonnes were down 36% from the previous week, but in line with analyst expectations.

In Australia, robust demand for wheat is quickly filling up shipping slots as importers book cargoes in advance from typically the world’s fourth-largest exporter ahead of what is expected to be a second year of near record output.

The country’s ports are fully booked right up to the end of December for the crop which will be harvested from November onwards, one Sydney-based grains broker and two Singapore-based traders told Reuters.

The International Grains Council on Thursday raised its forecast for the 2021/22 global corn crop, predominately reflecting an improved outlook for the United States.

In its monthly update, the inter-governmental body increased its 2021/22 world corn (maize) crop outlook by 1 million tonnes to 1.210 billion tonnes.

The focus is turning to the South American growing season. Rains expected across Brazil are boosting crop prospects.

Commodity funds were net sellers of Chicago Board of Trade soybean, corn, soyoil, wheat and soymeal futures contracts on Thursday, traders said.
Source: Reuters (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)