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CANBERRA, Feb. 2 (Reuters) - Chicago soybeans were higher on Friday but will be the seventh straight week on disappointing weekly U.S. export sales and plentiful and cheap soybeans in Brazil, the top soybean producer. Corn and wheat**, all three are near multi-year lows.
Fundamentals. As of 0119:00 GMT, SV1, the most active soybean contract on the Chicago ** Exchange (CBOT), was trading at 12 per bushel$05, **02%, about 0 this week4%。cbot corn cv1**03% to 4 per bushel$46, basically the same as last Friday's ** price; Wheat wv1**01% at 6 per bushel00-3 4 dollars, which is also little changed compared to a week ago.
Soybeans hit a two-year low of 11 on Tuesday87-3 $4, corn hit a three-year low of 436-1 2 dollars. Wheat hit 5 in SeptemberA three-year low of $40 and has remained near this level.
The U.S. Department of Agriculture (USDA) reported U.S. export sales of used crop soybeans of 16450,000 mt, the lowest since the start of MARKETING YEAR 2023 Sept. 1, soybean declined.
The low figure means traders have largely avoided the USDA's confirmation of 206,834 mt of U.S. soybeans for private sales to Mexico.
U.S. soybeans face strong competition from Brazil, the largest producer, and Brazilian soybean spot has been going on as the harvest begins. China is by far the largest importer of soybeans, but demand for soybeans is also sluggish due to reduced demand for animal feed due to a sluggish economy and shrinking pig herds.
Broker Stonex put Brazil's soybean production ** from 1 a month ago52.8 billion tonnes were lowered to 1503.5 billion tons. However, the harvest in Brazil is still better than in the absence of recent rains, and analysts expect good harvests in Argentina and other parts of South America. Argentine cereal exports reached 12US$500 million, a year-on-year increase of 64%.
Also read: U.S. processed nearly 6.2 million tonnes of soybeans in December
The U.S. corn harvest is record and the corn market is adequate, but U.S. corn export sales of more than 1.2 million tonnes per week are close to the expected high-end level, providing support. Stonex ** Brazil will harvest 124.5 billion tonnes of corn, barely unchanged from previous estimates. Commodities were net sellers of Chicago soybeans and corn and net wheat on Thursday, traders said.