GRAINS-Chicago soybeans set for 2nd weekly loss on favourable weather, ample supplies

BEIJING, June 27 (Reuters) - Chicago soybean futures were poised for a second consecutive weekly loss on Friday, pressured by favourable weather in the U.S. Midwest and abundant global supplies.

Wheat and corn were also headed for weekly declines amid strong crop production outlooks and ideal growing conditions.

FUNDAMENTALS

* The most-active soybean contract eased 0.17% to an 11-week low of $10.15 per bushel as of 0110 GMT, marking its sixth straight session of losses.

* Corn rose 0.68% to $4.06-6/8 a bushel, but hovered near an eight-month low. Wheat gained 0.42% to $5.39 a bushel but remained on track for a weekly drop.

* Warm weather and rains have created an ideal growing weather for soybeans and corn in the U.S. Midwest. Vaisala forecasts widespread rainfall this week, which will likely improve soil moisture further.

* Selling pressure ahead of the first notice date for July soybean, wheat and corn contracts weighed on the market.

* The U.S. Department of Agriculture (USDA) confirmed private sales of 110,000 metric tons of U.S. soybeans to Egypt for shipment in the 2024-25 marketing year.

* Soybean sales doubled in Argentina in the first 18 days of June to 4.71 million tons from a year earlier as farmers raced to close deals before a planned hike in export taxes on July 1, official data analyzed by Reuters and industry sources showed.

* Dry weather in the last week in most of Argentina boosted 2025-26 wheat planting, especially in key farm areas that had been struggling with excess moisture after heavy rains in May, the Buenos Aires grains exchange said.

* The International Grains Council (IGC) raised its 2025-26 world wheat crop outlook by 2 million tons to 808 million on Thursday.

* Traders are awaiting the USDA's crop progress and quarterly stock reports on June 30.

* Commodity funds were net sellers of Chicago Board of Trade wheat and soymeal futures contracts on Thursday, traders said. Traders were net buyers of soyoil contracts and were net even on corn and soybean futures.

MARKET NEWS

Global shares hit their third record high in three days on Thursday, while the U.S. dollar sank to its lowest level in more than three years amid growing market concerns about the Federal Reserve's independence.

DATA/EVENTS (GMT)

0645 France CPI (EU Norm) Prelim YY, MM June

0645 France CPI Prelim YY, MM NSA June

0645 France Producer Prices YY May

0900 EU Consumer Confid. Final June

1230 US Consumption, Adjusted MM May

1230 US Core PCE Price Index YY, MM May

1230 US PCE Price Index YY, MM May

1400 US U Mich Sentiment Final (Reporting by Ella Cao and Lewis Jackson; Editing by Sumana Nandy)