Soyabeans set for weekly loss

Reuters

Singapore

U.S. soybeans on Friday were on track for a sixth consecutive week of gains as concerns over lower supplies from Argentina continued to buoy prices, although a strong dollar curbed their advance.

Wheat has lost about 1 percent this week, while corn is largely unchanged with ample global grain stockpiles anchoring prices.

The Chicago Board of Trade most-active soybean contract has risen almost 17 percent in six weeks.  By 0252 GMT on Friday, it was trading down 0.1 percent at $10.70-1/2 a bushel.  Recent rallies in soybean futures, driven by fund buying and worries about crop damage in South America, are likely to encourage U.S. farmers to plant more of the oilseed this spring.

They may also prompt growers to devote extra acreage to corn in the hope prices will catch up to gains in soy.

But a strong dollar, which makes greenback-priced commodities expensive for importers holding other currencies, limited gains.