US soyabean futures fell to a one-week low on Friday and were on pace for a second straight weekly decline, pressured by fresh cancellations of US soyabean sales, traders said. Corn futures fell for a fourth straight session and were also on track for a weekly drop, while wheat futures firmed after a three-session slide.
As of 12:40 p.m. CDT (1740 GMT), Chicago Board of Trade November soyabean futures were down 4-1/2 cents at $8.59 per bushel. CBOT December corn was down 3 cents at $3.67-3/4 a bushel. December wheat was up 2-3/4 cents at $5.15-3/4 a bushel. Soyabeans turned lower, retreating from early gains, after the US Department of Agriculture said private exporters cancelled sales of 180,000 tonnes of US soyabeans to China, the world's biggest buyer.
The USDA said exporters also cancelled another 120,000 tonnes of optional-origin soyabeans sold to unknown destinations. The soyabean market has been roiled by the Sino-US trade conflict, with Chinese buyers steering clear of beans from the United States, instead increasing purchases from Brazil and reducing their use of the bean in animal feed.
The USDA's weekly US export sales figures for both soyabeans and corn, released Thursday, fell well below trade expectations. Corn futures fell following a pick-up in US harvest activity and farmer selling this week. However, some unexpected rains stalled fieldwork in the northwestern Midwest, Hoops said. Iowa's soyabean harvest was only 19 percent complete by Oct. 14, the slowest for this time of year in USDA records dating to 1981.
CBOT wheat futures were modestly higher in a technical bounce after the December contract notched a one-week low at $5.10-3/4 a bushel. However, for the week, the contract was on pace to fall about 0.4 percent. CBOT November soyabeans were on track for a weekly decline of about 1 percent and CBOT December corn was on pace to fall 1.5 percent.
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