US soyabean futures slid for a fifth straight session on Friday and were on pace for the steepest weekly decline in 10 months as favourable US crop weather and concerns over slowing export trade weighed on prices. Corn futures edged up on short-covering after earlier dipping to multi-month lows on good Midwest crop weather. Wheat futures retreated after three days of gains on profit taking ahead of the weekend.
Rainy conditions across the heart of the Midwest farm belt have pressured grain prices this week as recently planted corn and soyabean crops are off to a strong start to the growing season. The US Agriculture Department's crop condition ratings are among the highest on record for both crops.
Grain traders, meanwhile, remain cautious amid heightened trade tensions between the United States and key importers such as China and Mexico.
Chicago Board of Trade July soyabeans fell 4-1/4 cents to $9.70 a bushel by 12:09 p.m. CDT (1709 GMT) after hitting a low of $9.62-1/2, the contract's lowest point since August 21.
CBOT July corn was up 2-1/4 cents at $3.78-1/2 a bushel, bouncing from an earlier four-month low of $3.73-1/2. The contract is on pace for a second straight weekly decline.
Both have slipped below key moving averages.
Investors are turning their attention towards next Tuesday's monthly crop forecasts from the US Department of Agriculture.
CBOT July wheat fell 7-3/4 cents to $5.19 a bushel after three days of gains that were fuelled by concerns about crops in several major exporting countries.
Dry weather in parts of Russia, Australia and the European Union have added to worries about drought-reduced yields in the US winter wheat harvest now under way.
Chicago wheat futures are forecast to remain over $5 a bushel in the second half of 2018, reflecting weather-reduced harvests in several countries, Commerzbank said on Thursday.
Comments
Comments are closed.