CHICAGO: US soyabean futures retreated on Friday on profit-taking after hitting two-week highs in the previous session and as souring consumer sentiment and inflation worries hung over the market.

Corn futures followed soyabeans lower, but wheat rallied after the US Department of Agriculture (USDA) reported stronger-than-expected weekly export sales and confirmed a large sale to China. US corn and soyabean harvest downgrades in a monthly USDA report on Thursday had lifted some grain and soya contracts to multi-week highs, leaving the market vulnerable to a profit-taking pullback ahead of the weekend.

“The pullback today has a lot to do with the negative consumer sentiment and the macro sentiment that we are going to lose demand worldwide,” said Mike Zuzolo, president of Global Commodity Analytics. “The trade, because of those outside market factors, are taking some profit off the table.”

Soyabean export news was mixed as the USDA announced another daily “flash” sale and reported stronger-than-expected weekly sales last week, but China’s customs data showed a sharp drop in soya imports.

Chicago Board of Trade November soyabeans fell 11-1/4 cents to $12.78-3/4 a bushel by 11:33 am CDT (1633 GMT) after hitting technical resistance at the prior-session high and the key $13 level. The benchmark contract, however, remained on pace for its first weekly gain in seven weeks.

December corn shed 3-1/2 cents to $4.92-1/2 a bushel, eyeing a small weekly gain. CBOT December wheat gained 6 cents to $5.77-1/2 a bushel, a two-week high, on pace for a 2% weekly gain.

Wheat got a lift after a USDA report showed the strongest week of export sales in more than a year and the agency confirmed another rare sale of soft red winter wheat to China.