CHICAGO: Chicago Board of Trade soyabean futures fell on Friday, pressured by concerns about competition on the export market after trading higher for much of the session, traders said.
Soyameal futures fell on demand concerns but closed above the 12-1/2 month low the most-active contract hit on Friday morning.
Soyaoil futures sagged on profit-taking after touching their highest since mid-August. CBOT November soyabeans settled down 4-1/4 cents at $12.43 a bushel, CBOT December soyaoil was off 0.55 cent at 61.51 cents per lb, and CBOT December soyameal was 60 cents lower at $3.18.70 per ton.
Chicago Board of Trade corn futures fell on Friday, with prices ending near their session low on spill-over pressure from a late downturn in the soyabean market, traders said.
The benchmark CBOT December corn contract hit technical resistance at its 50-day moving average. The contract then fell below its 40-day and 20-day moving averages.
Mexican health safety regulators have rejected a new variety of GMO corn for the first time, the head of the country’s top farm lobby told Reuters, in a sign the government is hardening its position against genetically-modified crops.