Chicago Board of Trade soyabean futures fell on Friday, pulling back a day after topping $10 a bushel for the first time in seven weeks. CBOT March soyabeans unofficially closed 6-1/4 cents lower at $9.86 a bushel. A day earlier, the most-active contract reached $10.02, its highest price since December 7.
Prices retreated from a rally that was fuelled by weakness in the US dollar and concerns about unfavourable dryness hurting crops in rival exporter Argentina. More dry weather is expected next week and most of the following week across major growing areas in Argentina, according to US-based weather forecaster Radiant Solutions. The dryness is expected to cause some crop stress, the firm said.
US soyabean export sales of 759,300 tonnes for the week ended on January 18 were below analysts' estimates of 850,000 to 1.2 million tonnes. Sales of soyabeans by Midwest farmers quieted down as prices weakened, merchants said.
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