Chicago soybean futures edged lower on Friday, snapping a two-day gain, as strong pod counts from the Pro Farmer crop tour weighed on the market. Prices were still on track for a second straight weekly rise.

Wheat and corn futures were also set for weekly gains.

FUNDAMENTALS
* The most active soybean contract on the Chicago Board of Trade (CBOT) ZW1! was down 0.19% at $10.54 per bushel, as of 0207 GMT.

* Corn ZC1! rose 0.24% to $4.12-6/8 a bushel, while wheat ZW1! fell 0.09% to $5.29-2/8 a bushel.

* On the final day of the Pro Farmer crop tour, scouts reported Iowa’s corn yield potential and soybean pod counts at their highest levels in at least 22 years. Minnesota also posted its strongest readings for both crops over the same period.

* The tour, which ended Thursday evening, covered more than 1,500 fields across seven major producing states.

* USDA reported weekly wheat export sales of 722,900 tons, near the top of trade estimates. New-crop soybean sales hit 2.05 million tons, well above expectations, while corn sales reached 1.13 million tons, above the low end of forecasts.

* Wheat remains under pressure from ample global supply and rising Russian harvest estimates, though slow Russian exports and demand from Egypt and others have offered support.

* Commodity funds were net buyers of CBOT corn, soybeans, soyoil and wheat futures contracts on Thursday, traders said. Funds were net sellers of soymeal, they said.

MARKET NEWS
* The dollar gained on Thursday before a highly anticipated speech by Federal Reserve Chair Jerome Powell on Friday will be evaluated for any new clues on whether the U.S. central bank is likely to cut interest rates next month.
Source: Reuters