CHICAGO: Chicago Board of Trade soybean futures closed narrowly mixed on Friday, caught between surging soyoil futures amid tightening world vegetable oil supplies, and slowing demand for soymeal, traders said.
CBOT May soybeans settled down 1/4 cent at $14.13-1/4 per bushel, while the new-crop November contract ended flat at $12.43-3/4.
For the week, the May contract fell 16-3/4 cents per bushel or 1.2%, halting a four-week climb.
CBOT May soyoil ended Friday up 0.75 cent at 55.36 cents per pound, after reaching a life-of-contract high at 55.59 cents.
Soyoil futures were lifted by tightening world vegetable oil supplies and spillover strength from Malaysian palm oil futures, which hit a 13-year peak.
CBOT May soymeal settled down $4.10 at $400.70 per short ton, with technical selling accelerating as the contract fell below its 100-day moving average.
Soymeal futures were pressured by fears that disease outbreaks in China's huge hog herd will hurt demand for the feed ingredient. Ahead of the National Oilseed Processors Association's monthly soy crush report on Monday, analysts surveyed by Reuters on average expected the trade group to report that its members crushed 168.6 million bushels of soybeans in February, down from 184.654 million in January but up from 166.288 million bushels in February 2020.
Chicago Board of Trade wheat futures declined on Friday, with the benchmark May contract falling to a one-month low as storms forecast for the US Plains this weekend were expected to improve production prospects, trades said.
CBOT May soft red winter wheat settled down 4 cents at $6.38-1/2 per bushel after dipping to $6.37-1/2, its lowest since Feb. 12.
For the week, the CBOT contract fell 14-1/2 cents a bushel or 2.2%, its second straight weekly decline.
K.C. May hard red winter wheat ended down 3/4 cent at $6.03-1/2, after hitting $6.00-1/2, its lowest since Jan. 12, and MGEX May spring wheat settled down 1/4 cent at $6.33-3/4.
CBOT, K.C. and MGEX March contracts expired quietly.
A firmer dollar hung over the markets, in theory making US grain less competitive on the world market.