SINGAPORE: Chicago corn futures slid on Friday, and are set for a second week of declines, while soybeans faced headwinds on expectations of ample supplies from freshly harvested US crops.
Wheat futures eased after closing higher in the previous session.
"US corn and soybean crops yields are higher than what we expected," said one Singapore-based trader at an international company. "US wheat futures are down a little but the bullish trend in Black Sea prices is supporting the market."
The most-active corn contract on the Chicago Board Of Trade (CBOT) fell 0.3% to $5.15 a bushel, as of 0342 GMT. For the week, corn is down almost 3%, on course for its second straight weekly loss.
Soybeans are down more than 3% for the week and are set for their biggest weekly loss since Aug. 20. Wheat has given up 1.5% for the week and is poised for its second straight weekly loss.
The US Department of Agriculture (USDA) on Tuesday released estimates of both corn and soybeans in the United States that were above average analyst expectations.
However, traders have said the availability of supplies from the ongoing US harvest are expected to trigger some renewed Chinese demand going forward.
US exporters sold 132,000 tonnes of soybeans for delivery to unknown destinations during the 2021/2022 marketing year, USDA reported on Thursday.
In Argentina, rains in central growing areas have helped farmers plant 2021/22 corn with 23.2% of expected area sown so far, the Buenos Aires Grains Exchange said on Thursday, while growers wrestle with a new export policy that they say could force them to plant less.
Commodity funds were net buyers of CBOT corn, beans, soymeal, soyoil and wheat futures contracts on Thursday, traders said.
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