US soybean ended lower on Friday, pressured by a jump in the US dollar and a decline in crude oil futures, traders said. July soybeans were down 0.9 percent on the day and up 0.3 percent for the week. Soybeans also were pressured Friday by unwinding of bean/corn spreads, with corn hold firm on a relative basis because of ongoing concerns about corn planting delays, the traders said. One analyst suggested that USDA's Monday report will show corn plantings at only 60 percent completed.
Soybean volume was estimated at about 121,948, down 35 percent from its 30-day average, according to Reuters data. Delays to crop planting are expected in the US eastern and southern Midwest over the next week to 10 days because of rainy weather, as well as a return to colder temperatures. Crops in the western Midwest are faring better due to a drier spell the past couple of weeks that boosted plantings. China's deal to buy half a million tonnes of soyoil from Argentina is expected to lower Beijing's demand for more expensive US and Brazilian supplies.
The National Oilseed Processors Association's monthly crush data slated for release on Monday should show the US crush for April at 127.775 million bushels, analysts projected on Friday. Trade estimates ranged from 124.000 million to 131.000 million bushels. NOPA reported the March crush at 134.391 million bushels, and at 131.719 million in April 2010.
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