Investing.com - U.S. grain futures ended Friday’s session broadly lower, with soybean prices falling more than 1% to hit the lowest level since June amid indications of declining demand for U.S. supplies and as cop prospects in major South American growers improved.
On the Chicago Mercantile Exchange, soybeans for January delivery fell 1.3% Friday to settle at USD13.8362 a bushel by close of trade.
Earlier in the session, front-month prices fell to a daily low of USD13.7238 a bushel, the weakest level since June 15.
On the week, the January soy contract lost 4.65%, the third consecutive weekly decline.
Soy prices came under heavy selling pressure after China’s National Grain and Oils Information Center said the country cancelled previous orders of nearly 600,000 tonnes of U.S. soybeans, due to weak domestic demand and as a recent drop in prices made them unprofitable.
China is the world’s largest soybean consumer, accounting for nearly 60% of global trade of the grain in the 2011-12 season, according to the U.S. Department of Agriculture.
Soybean prices have been on a downward trend in recent weeks, losing nearly 23% since hitting an all-time high of USD17.8888 a bushel on September 4, amid easing concerns over shrinking global supplies.
Traders also are keeping a close watch on soybean planting in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
In Brazil, some rainfall followed by mostly dry and warm weather was forecast in key grain-growing regions across the country in the coming week, potentially aiding planting and early crop development.
Meanwhile, wheat for December delivery dropped 1% Friday to settle at USD8.3712 a bushel by close of trade. Earlier in the day, prices fell to a session low of USD8.2962 a bushel, the weakest since July 12.
Wheat futures retreated 5.65% on the week, the steepest decline since early June
Wheat prices were lower for the sixth consecutive day on Friday, after the USDA said U.S. farmers sold 314,500 tonnes of wheat last week, compared to estimates in a range between 250,000 tonnes to 450,000 tonnes.
Some chart-based selling also contributed to losses after prices broke below key support levels, triggering fresh sell orders amid bearish chart signals.
Elsewhere on the Chicago Board of Trade, corn futures for December delivery edged up 0.65% Friday to settle the week at USD7.2612 a bushel. December corn prices traded in a range between USD7.2962 a bushel, the daily high and a session low of USD7.1112 a bushel.
Despite Friday’s modest gains, the front-month CBOT corn contract lost 1.8% on the week.
Corn prices outperformed the grains complex to end with modest gains Friday after the U.S. government maintained its mandate to add corn ethanol to motor fuel.
Corn futures have been under pressure in recent weeks, losing approximately 14% since touching a record high of USD8.4237 a bushel on August 10, as a combination of easing concerns over the size of the U.S. harvest and worries over slowing demand for U.S. corn dampened the appeal of the commodity.
December corn prices tumbled to a seven-week low of USD7.1062 a bushel on November 13.
The U.S. produced 38% of the world's corn last year, making it the both world's largest corn producing nation and the largest exporter of the grain.
In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in Brazil and Argentina, while wheat traders will monitor crop conditions in Ukraine and Russia, as well as temperatures in the Great Plains-region.
Market players will also focus on the USDA’s weekly crop progress report as well as weekly exports data.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.
On the Chicago Mercantile Exchange, soybeans for January delivery fell 1.3% Friday to settle at USD13.8362 a bushel by close of trade.
Earlier in the session, front-month prices fell to a daily low of USD13.7238 a bushel, the weakest level since June 15.
On the week, the January soy contract lost 4.65%, the third consecutive weekly decline.
Soy prices came under heavy selling pressure after China’s National Grain and Oils Information Center said the country cancelled previous orders of nearly 600,000 tonnes of U.S. soybeans, due to weak domestic demand and as a recent drop in prices made them unprofitable.
China is the world’s largest soybean consumer, accounting for nearly 60% of global trade of the grain in the 2011-12 season, according to the U.S. Department of Agriculture.
Soybean prices have been on a downward trend in recent weeks, losing nearly 23% since hitting an all-time high of USD17.8888 a bushel on September 4, amid easing concerns over shrinking global supplies.
Traders also are keeping a close watch on soybean planting in Brazil and Argentina, the world’s second and third largest exporters of the oilseed.
In Brazil, some rainfall followed by mostly dry and warm weather was forecast in key grain-growing regions across the country in the coming week, potentially aiding planting and early crop development.
Meanwhile, wheat for December delivery dropped 1% Friday to settle at USD8.3712 a bushel by close of trade. Earlier in the day, prices fell to a session low of USD8.2962 a bushel, the weakest since July 12.
Wheat futures retreated 5.65% on the week, the steepest decline since early June
Wheat prices were lower for the sixth consecutive day on Friday, after the USDA said U.S. farmers sold 314,500 tonnes of wheat last week, compared to estimates in a range between 250,000 tonnes to 450,000 tonnes.
Some chart-based selling also contributed to losses after prices broke below key support levels, triggering fresh sell orders amid bearish chart signals.
Elsewhere on the Chicago Board of Trade, corn futures for December delivery edged up 0.65% Friday to settle the week at USD7.2612 a bushel. December corn prices traded in a range between USD7.2962 a bushel, the daily high and a session low of USD7.1112 a bushel.
Despite Friday’s modest gains, the front-month CBOT corn contract lost 1.8% on the week.
Corn prices outperformed the grains complex to end with modest gains Friday after the U.S. government maintained its mandate to add corn ethanol to motor fuel.
Corn futures have been under pressure in recent weeks, losing approximately 14% since touching a record high of USD8.4237 a bushel on August 10, as a combination of easing concerns over the size of the U.S. harvest and worries over slowing demand for U.S. corn dampened the appeal of the commodity.
December corn prices tumbled to a seven-week low of USD7.1062 a bushel on November 13.
The U.S. produced 38% of the world's corn last year, making it the both world's largest corn producing nation and the largest exporter of the grain.
In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in Brazil and Argentina, while wheat traders will monitor crop conditions in Ukraine and Russia, as well as temperatures in the Great Plains-region.
Market players will also focus on the USDA’s weekly crop progress report as well as weekly exports data.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.