Soybean futures fell heavily on Friday, with wheat also posting double-digit losses and corn finishing modestly lower as profit-taking, harvest pressure and improving weather forecasts weighed on the markets.
The losses in soybeans were driven partly by long liquidation after the recent rally, with soybean meal and soybean oil also falling hard. Harvest pressure added to the weakness. The market largely shrugged off a fresh U.S. soybean sale of 111,000 tonnes to China. November and March soybeans both ended 16 ¼ cents lower at $13.03 ½, and $13.29 ½.
Wheat futures were also under pressure, with profit taking and long liquidation cited as key factors. December Chicago wheat dropped 12 ¾ cents to $7.14 ¼, and December Kansas City lost 10 ¾ cents to $7.83 ¾. December Hard Red Spring was down 8 ¼ cents at $7.56 ½, and December Minneapolis closed 11 ¼ cents lower at $7.41 ¼.
Harvest pressure and chart-based selling weighed on corn, although tightening U.S. stocks and recent export demand helped limit losses. December and March each slipped 3 cents to end at $5.27 ½, and $5.41 ½.
