US soybean futures fell for the fourth session in five on Friday, pressured by forecasts of rain in the Midwest that could boost the harvest in a key development period, traders said.
* “Last year taught us that crops can survive (and even thrive) with minimal and punctual rains,” Matt Zeller, director of market information at brokerage StoneX, said in a note to clients.
* Corn futures held firm on technical buying, while wheat futures eased as traders watched the progress of exports from Black Sea ports in war-torn Ukraine.
* By 1514 GMT, Chicago November soybean futures were down 13.5 cents at $14.0425 a bushel.
* “Most of the United States is heading into the start of the pod-filling season with heat and scattered showers in the near term, before more rain in the eastern and north-central areas this weekend,” he said. FuturesOne in a note to clients.
* Signs of renewed import demand this week helped limit losses, traders said.
* Private exporters reported selling 132,000 tons of soybeans to China and another 132,000 tons to unknown destinations, according to the US Department of Agriculture.
* CBOT December corn was up 5.25 cents at $6.1150 a bushel. The contract found support after touching its 20-day moving average.
* Three ships with a total of 58,041 tonnes of corn were allowed to leave Ukrainian ports on Friday as part of a deal to unblock grain exports.
* Soft red winter wheat for September was down 6 cents at $7.7650 a bushel.
* The resumption of Ukrainian seaborne trade has weighed on grain prices this week, with Chicago wheat hitting a six-month low, though strong international demand and talk of China’s interest in US soybeans have lent some support
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