Soybeans, corn and wheat prices slipped on Friday in a shortened trading session before the Christmas holiday and registered big weekly losses, weighed down by hefty global supplies. Chicago wheat futures fell to contract lows, also pressured by warming US temperatures that eased crop damage concerns, while soybeans hit a more than one-month low.
Substantial rain arrived overnight in Argentina's corn and soybean belt, significantly reducing remaining dry spots, with showers expected on the weekend, Commodity Weather Group said in a note. The rains were heavier than expected, and big stocks of corn and wheat are also pressuring crop prices, said Bill Biedermann, a trader at Allendale Inc.
"There have been various weather concerns but it does not alter the picture, which is one of ample supplies," said Phin Ziebell, agribusiness economist at National Australia Bank. The March soybean futures contract on the Chicago Board Of Trade shed 0.5 percent or 6-1/2 cents to $9.97-1/2 a bushel after touching $9.97, the contract's lowest since November 18.
March soybeans lost 4.7 percent for the week, the biggest one-week fall in five months. The weakness was tempered slightly by continued strong demand for US supplies. The most active Chicago March wheat futures contract fell 0.6 percent or 3-1/2 cents to $3.93-1/2 a bushel, and touched its lowest level since mid-November. Wheat gave up 3.8 percent for the week, the second consecutive weekly fall. Argentina's agriculture ministry raised its projection for the country's 2016/17 wheat crop to 15.7 million tonnes from a previous estimate of 14.9 million.