CHICAGO: US soybean futures dropped 1.2 percent on Friday, their second straight day of declines, due to technical selling and pressure from Chinese buyers cancelling imports due to credit problems, traders said.
Weakness in soymeal, which dropped 1.4 percent on light end user demand and a softening basis on the cash market, also weighed on soybeans.
For the week, the benchmark Chicago Board of Trade May soybean futures contract fell 0.7 percent, breaking a string of three straight positive weeks.
It was the May contract's first close below the 10-day moving average since March 17.
Prices found support near the 38.2 percent point on a Fibonacci retracement from its rally to its year high of $15.12 a bushel.
May soymeal dropped 1.3 percent this week but found support on Friday as it approached its 20-day moving average.
May soyoil rose 1.3 percent for the week, supported by soymeal/soyoil spread unwinding.
Private exporters reported the sale of 330,000 tonnes of soybeans to unknown destinations for the 2014/15 crop year, the US Agriculture Department said.
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