GRAINS-U.S. soy falls to weekly low on poor exports; wheat, corn dip

* All three commodities on track for weekly loss
* Corn weakens after trading higher early
* Soybeans in line for biggest daily loss since Oct 28

(Recasts, updates with U.S. trading, adds new analyst quote,
changes byline/dateline)
By Mark Weinraub
CHICAGO, Nov 15 (Reuters) - U.S. soybean futures fell 1.5
percent to their lowest in a week on Friday on signs of
disappointing export demand and rising crop expectations from
South America, traders said.
Poor exports also pressured the wheat market. Corn dipped as
well, on track for its fourth losing session in a row, after

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edging higher early in the session.
Corn, wheat and soybeans were in line for negative weeks. It
would be the fourth straight weekly loss for wheat.
Weakness in the cash market was putting additional pressure
on soybeans.
"The softer basis and mediocre exports sales are weighing on
the market," Sterling Smith, futures specialist at Citigroup,
said in note to clients. "For the January soybeans the air above
$13.00 is starting to get thin. South American weather continues
to be supportive of crop development and planting, and this is
keeping the bulls well fenced in."
At 10:33 a.m. CST (1633 GMT), Chicago Board of Trade January
soybean futures were down 19-1/4 cents at $12.94-1/4 a bushel, a
new low for the week. Prices were on pace for their biggest
single session loss in percentage terms since Oct. 28.

Argentine farmers had planted 21.8 percent of expected
soybean area by Thursday, in line with a year earlier, after
recent rains improved seeding conditions, the Buenos Aires
Grains Exchange said.
The U.S. Agriculture Department said on Thursday morning
that weekly export sales of soybeans were 848,500 tonnes, lower
than the range of market forecasts for 900,000 to 1.2 million
tonnes.
Wheat export sales of 287,900 tonnes also fell below
expectations while corn export sales of 1.2 million topped
analysts' forecasts.
CBOT December soft red winter wheat dropped 1 cent to
$6.43-3/4 a bushel while CBOT December corn was down 1/2
cent at $4.26 a bushel.
For the week, soybeans were down 0.8 percent, wheat was down
0.9 percent and corn was 0.2 percent lower.
U.S. environmental regulators are likely to unveil rules on
Friday dictating how much ethanol and other renewable fuels must
be blended into the U.S. gasoline supply in 2014, following

weeks of lobbying by the oil and biofuels industries, industry
sources who have been briefed on the process said on Thursday.
"People are waiting for the EPA decision, it's extremely
important for corn producers," a European trader said.
Prices have been under pressure from concerns that the
Environmental Protection Agency might soon lower its requirement
for ethanol. Documents leaked earlier this year indicated the
U.S. might cut its requirement to 13 billion gallons from a 14.4
billion target in a 2007 law.

Prices at 10:33 a.m. CST (1633 GMT)

LAST NET PCT YTD
CHG CHG CHG
CBOT corn 425.50 -1.00 -0.2% -39.1%
CBOT soy 1294.25 -19.25 -1.5% -8.8%
CBOT meal 415.50 -9.10 -2.1% -1.2%
CBOT soyoil 40.94 -0.03 -0.1% -16.7%
CBOT wheat 643.50 -1.25 -0.2% -17.3%
CBOT rice 1597.00 -1.50 -0.1% 7.5%
EU wheat 204.50 -0.75 -0.4% -18.3%

US crude 93.74 -0.02 0.0% 2.1%
Dow Jones 15,928 52 0.3% 21.5%
Gold 1287.80 .79 0.1% -23.1%
Euro/dollar 1.3482 0.0025 0.2% 2.2%
Dollar Index 80.8930 -0.1300 -0.2% 1.4%
Baltic Freight 1507 -10 -0.7% 115.6%

In U.S. cents, benchmark contracts, except EU wheat (euros) and

soymeal (dollars). CBOT wheat, corn and soybeans per bushel,
rice per hundredweight, soymeal per ton and soyoil per lb.

(Additional reporting by Naveen Thukral in Singapore and Gus
Trompiz in Paris; Editing by Krista Hughes)