US soyabean futures fell from their highest since late July on Friday as traders locked in profits from this week's weather-driven rally. Soyameal futures also fell and were on track to snap an eight-session winning streak after rallying to their highest in more than a year and a half.
Concerns about dry conditions in Argentina continued to underpin soyabean prices but traders were in risk-off mode following gains this week. Grains markets will be closed for the US Presidents day holiday on Monday. Profit-taking also pressured wheat and corn futures but both grains remained on track to post their fifth straight week of gains.
At 9:55 a.m. CDT (1555 GMT), Chicago Board of Trade March soyabean futures were down 6-1/2 cents at $10.17-3/4 a bushel. CBOT March soyameal was off $4.20 at $368.50 a ton. CBOT March corn futures were unchanged at $3.67-3/4 a bushel. Deferred corn futures contracts were slightly weaker. CBOT March soft red winter wheat was off 3 cents at $4.58-3/4 a bushel.
A bounce in the dollar after a three-year low earlier in the day against a basket of currencies also encouraged prices to consolidate. For the week, CBOT wheat was up 2.1 percent, CBOT corn was up 1.5 percent and CBOT soyabeans were up 3.5 percent. CBOT soyameal has risen 7.6 percent this week, which would be its biggest weekly gain since early July.
Comments
Comments are closed.