US soyabean futures fell for a fourth consecutive session on Friday and were poised for their steepest weekly drop in two months as processors crushed fewer beans last month than expected and as South American supplies continued to flood the global market.
US corn futures eased on Friday from an earlier five-week high while wheat declined for the first time in seven sessions on profit-taking before the weekend. Soyabeans turned lower at midmorning after the National Oilseed Processors Association (NOPA) said the US soyabean crush in February fell to 136.322 million bushels, below trade forecasts for 141.6 million.
Chicago Board of Trade May soyabeans fell 11-1/4 cents, or 0.8 percent, to $14.24-1/4 per bushel by 12:17 pm CDT (1717 GMT), on pace for a 3 percent weekly decline, its largest in 10 weeks. The contract breached its 50-, 100- and 200-day moving averages on the break and hit a more-than-two-week low. Chicago Board of Trade May corn eased by 3/4 cent to $7.15-3/4 per bushel after earlier touching a high of $7.19-3/4, the highest since February 8. The contract was poised for a weekly gain of more than 1.5 percent. CBOT May wheat fell 5 cents, or 0.7 percent, to $7.19-3/4 per bushel but remained on track for its largest weekly gain in eight weeks.
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