Chicago soy, corn rise on Argentina weather woes

Chicago soybean futures firmed for a second session on Friday, underpinned by weather concerns in key supplier Argentina, although weak exports and a fast Brazilian harvest led to a weekly decline.

Corn climbed for a third session on strong export demand and weather woes in Argentina. Wheat futures gained on robust exports and freeze risks in growing areas.

FUNDAMENTALS

* The most-active soybean contract ZS1! on the Chicago Board of Trade (CBOT) gained 0.05% to $10.31 a bushel by 0150 GMT, but fell 1.81% for the week.

* The Chicago corn contract ZC1! rose for a third consecutive session, adding 0.05% to $4.94 a bushel. For the week, it jumped 1.2%.

* Wheat ZW1! climbed 0.69% to $5.82 a bushel, extending weekly gains to a sixth week with a 0.04% rise.

* The impact of Argentina's hot, dry conditions on crops boosted soybean prices, though February rains eased the dryness. Heavy rains in the north could further boost crops, the Buenos Aires Grain Exchange said.

* Brazil's crop agency Conab slightly lowered the country's soybean supply forecast to 166.01 million tons, but raised corn estimates to 122.01 million tons, citing "irreversible crop losses" in the south of the country caused by dry weather.

* The U.S. Department of Agriculture (USDA) reported weekly net soybean exports of 209,800 tons, below expectations, and corn sales of 1,999,100 tons, above forecasts.

* The grain market remained cautious, awaiting updates on tariff changes with key trading partners and U.S. President Trump's efforts to negotiate an end to the Ukraine war. A ceasefire could lower export costs as Russia and Ukraine are major grain exporters despite the ongoing conflict.

* The USDA logged weekly net wheat exports at 606,400 metric tons, above trade estimates.

* Saudi Arabia's General Food Security Authority issued an international tender to buy an estimated 595,000 metric tons of wheat, European traders said.

* Traders are watching cold fronts in the U.S. Plains and Black Sea for freeze risks to winter wheat, though snow forecasts may protect the crop.

* Commodity funds net bought CBOT corn, soyoil, soybean and wheat futures contracts on Thursday, traders said. Funds net sold soymeal, the traders added.

MARKET NEWS

* A gauge of global stocks hit an intraday record on Thursday, while U.S. Treasury yields tumbled as an inflation reading fuelled hopes the Federal Reserve's preferred measure of prices might be cooler than anticipated.

DATA/EVENTS (GMT)

1330 US Core CPI MM, SA, Core CPI YY, NSA Jan

1330 US CPI MM, SA, CPI YY, NSA Jan

1330 US CPI Wage Earner Jan

1530 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 7 Feb, w/e