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SINGAPORE, July 26 (Reuters) - U.S. soybean futures
slid 1 percent on Friday and remained on track for their biggest
weekly drop since September 2009, with the physical market
sinking on poor demand for old-crop supplies.
New-crop December corn edged higher after four straight
sessions of decline that were triggered by near-perfect weather
aiding the U.S. crop, while wheat was little changed in early
* End-users are beginning to quit buying expensive old-crop
soybean supplies on prospects for a record-sized crop and lower
prices in the future due to good U.S. weather. An increase in
farmers selling their remaining supplies of old-crop soybeans
also hit prices.
* Spot basis bids basis for corn and soybeans plummeted
across the U.S. Midwest on Thursday in a wave of declines
typically seen during the autumn harvest.
* Below-average temperatures and occasional showers through
the end of July will aid the pollinating U.S. corn crop and
boost growth of the soybean crop, an agricultural meteorologist
* CBOT sources said that over the past three days commodity
funds sold an estimated 31,000 contracts, or 155 million bushels
of soybeans valued at roughly $2.356 billion based on Monday's
closing price of $15.20-1/4 for August.
* Tight stocks of soybeans and soymeal due to
drought-reduced production last season had led to huge buying of
each commodity by commodity funds, leading to a large buildup of
long positions in each futures market.
* The dollar languished at one-month lows against a basket
of major currencies on Friday, having suffered a setback
overnight as investors turned cautious ahead of next week's
Federal Reserve policy meeting.
* Oil prices inched higher in quiet trade on Thursday, while
gasoline futures dropped nearly 4 cents per gallon, dragged down
by a rapid plunge in the cost of ethanol credits.
* The Nasdaq climbed on Thursday, led by a rally in Facebook
a day after its earnings, but the broader market's advance was
modest after another round of mixed earnings reports.
0600 Germany Import prices
0645 France Consumer confidence
Prices at 0049 GMT
Contract Last Change Pct chg MA 30 RSI
CBOT wheat 649.25 0.00 +0.00% 866.05 29
CBOT corn 479.25 0.50 +0.10% 757.88 14
CBOT soy 1220.00 -4.00 -0.33% 1571.21 22
CBOT rice $15.73 -$0.02 -0.13% $15.49 57
WTI crude $105.45 -$0.04 -0.04% $89.50 50
Euro/dlr $1.327 $0.098
USD/AUD 0.924 -0.131
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Joseph Radford)