Jan 20 (Reuters) - Chicago soybean, wheat and corn futures dipped in Asian trading on Friday, with improved weather forecasts in drought-hit Argentina helping ease concerns about supply and fears of a global recession weighing on the market.
Traders awaited the U.S. Department of Agriculture's weekly export sales report due at 7:30 a.m. CST (1330 GMT) on Friday to assess demand conditions.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.2% at $15.11-1/2 a bushel, as of 0522 GMT, while wheat dropped 0.4% to $7.31-1/2 a bushel.
Corn shed 0.3% to $6.75-1/4 a bushel.
Both CBOT soybean and wheat benchmark prices were on track for weekly declines, while corn was flat for the week.
"Argentina is still the core focus of the market. The rainfall in January is expected to continue the pattern in December. The rainfall in February is expected to improve," Huatai Futures analysts said in a note.
U.S. soybean export prospects look dim as Brazil begins harvesting a likely record-large soy crop.
Before Friday's trading began, Farm Futures survey of U.S. planting intentions indicated that producers plan to expand all-wheat seedings for 2023 harvest by nearly 7% compared to a year earlier, with smaller increases expected for corn and soybean acreage.
Renewed global recession fears amid signs of a U.S. slowdown following a string of interest rate hikes by the Federal Reserve last year, also prompted profit-taking after corn and soybean prices hit multi-month highs earlier this week.
Concerns that the Fed would continue its aggressive path of rate hikes were reinforced by data on Thursday showing the U.S. job market remained tight. (Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)
