Chicago Close: Soybeans Slip on Crude Oil Losses 

Soybean futures posted small losses to end the week, weighed down by losses in crude oil and expectations for a big crop in Brazil this year. 

Harvest is underway in Brazil, where the USDA is forecasting a record crop of 153 million tonnes. Meanwhile, crude oil prices fell on Friday following reports of strong US jobs data, which fueled ideas of further interest rates hikes and a possible recession. On the other hand, the USDA reported a private export sale for 132,000 tonnes of new-crop soybeans to unknown destinations this morning. March beans slipped 2 ¼ cents to $15.32, and new-crop November lost ¾ of a cent to $13.69 ¾. 

Profit taking pulled down wheat, after the benchmark Chicago market reached a one-month high. March Chicago was down 4 ¼ cents to $7.56 ¾, March Kansas City lost 7 ¾ cents to $8.73, and March Minneapolis fell 3 ¼ cents to $9.21 ½. 

Corn ended a bit higher after a back-and-forth session that kept March in an 8 ½-cent range. March gained 2 ¼ cents to $6.77 ½, and new-crop December was up a penny at $5.96. 

Source: DePutter Publishing Ltd.

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