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CHICAGO: Chicago Board of Trade soybean futures fell on Friday, pressured by rains in Brazil and Argentina that may have stabilized conditions as crops near harvest following a drought-stricken growing season.

The benchmark CBOT May soybean futures contract settled down 10-1/4 cents at $16.76 a bushel. The contract briefly dipped below the 10-day moving average, but settled above that key technical point. The contract found support at that same level on Thursday.

CBOT May soymeal fell $6.60 to $477.10 a ton, and CBOT May soyoil was 1.35 cents higher at 76.03 cents per lb. For the week soybean futures were up 0.9%, soymeal futures gained 3.6%, and soyoil rose 4.4%. Soyoil has risen for eight weeks in a row. Private exporters reported the sale of 264,000 tonnes of soybeans to China for delivery in the 2022/23 marketing year.

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