SINGAPORE: Chicago soybean futures ticked down on Friday, under pressure after a weekly US report showed lower export sales amid rising Brazilian shipments.
Wheat futures inched higher, although easing concerns over Russian exports limited the gains, while corn ticked up.
“US exporters are having difficulty in selling beans as Brazil is dominating the market after its harvest,” said one Singapore-based trader. T
he most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.4% to $11.75 a bushel, as of 0226 GMT, wheat rose 0.4% to $5.58-1/4 a bushel and corn gained 0.1% at $4.35-1/2 a bushel.
Soybean futures are trading close to a one-month low reached earlier this week as net US export sales last week were short of market expectations at 194,220 metric tons, according to US Department of Agriculture (USDA) data released on Thursday.
Analysts said a daily USDA sales announcement of 152,404 tons in additional sales to Mexico offered little support as Brazilian shipments are accelerating and season-to-date US sales remain about 19% below last year.
Traders are monitoring weather in the US Midwest ahead of corn planting that is due to ramp up over the coming weeks. While rain and snow in the central corn belt are expected to boost soil moisture reserves, there are forecasts of higher temperatures later this month that could help field work.
Soybeans slide on profit taking; wheat climbs
Wheat prices have come under pressure after Russian grain trader Aston denied that local authorities had halted some of its exports, reducing recent concerns about slowed shipments from the world’s top wheat-supplying nation.
Commodity funds were net buyers of CBOT corn and soymeal futures contracts on Thursday, net sellers of soybeans and soyoil and net even in wheat, traders said.
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