Soybean futures at the Chicago Board of Trade fell by over 1% on Friday due to profit-taking, increased farm sales, and a stronger dollar. This drop was attributed to increased sales by US and South American farmers, a strong dollar, and favorable rainfall forecasts in parts of the Midwest crop belt. In contrast, wheat futures rose while corn fell in volatile trading. The USDA confirmed private sales of 263,000 tons of US corn to Mexico.
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Chicago Board of Trade soybean futures fell more than 1% on Friday below $12 a bushel as profit-taking a day after the benchmark contract neared a two-month high, gains in farm soybean sales and the dollar, analysts said. Wheat futures rose while corn fell in choppy trading. May CBOT soybeans ended the day down 19-1/2 cents at $11.92-1/2 a bushel. The May CBOT corn contract fell 1-1/2 cents to $4.39-1/4 a bushel, while May soft red winter wheat rose 8 cents to $5.54-3/4 a bushel. Soybeans retreated after a two-session rally. According to analysts, rising soybean prices stimulated soybean sales by US and South American farmers. “The grains and oilseeds sector is largely down on the strength of the dollar and increased farm sales, especially in Brazil,” StoneX chief commodities economist Arlan Suderman wrote in a note to clients, Reuters reported. Other analysts attributed the pressure on the market to forecasts of favorable rainfall in parts of the Midwest crop belt ahead of spring ...
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