U.S. soybeans inched lower on Friday as two-day losses approached 1 percent, with the oilseed poised to record its first weekly decline in three weeks as ample global supplies offset recent strong demand for U.S. supplies.
Corn edged lower but was set to finish the week little changed, while wheat also fell on Friday. Chicago Board of Trade November soybeans dropped 0.14 percent to $8.97-1/2 a bushel after closing down 0.72 percent in the previous session. Despite edging lower for the previous two sessions, soybeans are poised to finish the week down nearly 0.5 percent.
â€œThere has been some demand from China and that has supported prices, but on the other hand, supply continues to be very favourable, so traders are weighing up those two currents,â€ said Phin Ziebell, agribusiness economist, National Australia Bank. Soybeans have drawn support in recent days from strong demand for U.S. supplies.
The U.S. Department of Agriculture (USDA) said on Thursday that 463,000 tonnes of U.S. soybeans were sold to unknown destinations, the third such â€œflash saleâ€ this week. With a string of orders, weekly export sales of soybeans topped analyst estimates, reaching 2 million tonnes, most to top global importer China. December corn fell 0.2 percent to $3.77-1/2 a bushel, after closing down 0.66 percent on Thursday.
Corn is set to finish the week little changed after posting two-week losses of more than 3 percent in recent weeks. Analysts said prices remain under pressure from weak demand for U.S. supplies. The USDA separately said U.S. corn export sales totalled only 248,017 tonnes last week, below analyst estimates, and the smallest sales of the marketing year that started on Sept. 1.
December wheat fell 0.1 percent to $4.90-1/2 a bushel after closing down 0.81 percent in the previous session. Wheat is down nearly 0.5 percent for the week. Welcome rains, of 1 inch (2.5 cm) or more, fell this week in parts of the southern U.S. Plains winter wheat belt while farmers continued to gather their autumn corn and soybean harvests.