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CHICAGO: Chicago Board of Trade soybean futures slid sharply on profit-taking on Friday, as rising interest rates weighed on US exports and Midwestern farmers raced to plant their fields amid forecasts of dry, warm weather, traders said.

CBOT July soybean futures ended the session down 25 cents at $16.22 a bushel. The contract notched a weekly loss of 3.72%. CBOT July soyoil ended down 0.95 cent at 80.9 cents per lb, while CBOT July soymeal futures ended $6.30 lower to settle at $413.60 per ton.

Brazil’s soybean crop for the 2021/22 is projected to be 122.3 million tonnes, compared to a previous projection of 125.08 million tonnes, according to Safras & Mercado. Recent rainfall in South America also could boost Brazil’s south-central summer corn crop, which on Friday was forecast to be somewhat bigger than previously expected.

CBOT WHEAT FIRMS

US wheat futures firmed on Friday on technical buying and ongoing worries over global production supplies, analysts said.

The benchmark Chicago Board of Trade July soft red winter wheat contract settled the day up 2 cents at $11.08-1/2 a bushel. It posted a weekly gain of 4.99%. Meanwhile, K.C. hard red winter wheat for July delivery was down 5-1/4 cents at $11.71-3/4 a bushel on Friday, while MGEX July spring wheat gained 7-3/4 cents at $12.17-1/2 a bushel.

Nearly 25 million tonnes of grains are stuck in Ukraine and unable to leave the country due to infrastructure challenges and blocked Black Sea ports including Mariupol, a UN food agency official said on Friday.

The SovEcon agriculture consultancy on Friday raised its forecast for Russia’s 2021/22 wheat exports by 0.2 million tonnes to 34.1 million. Canadian stocks for nearly every field crop were down at the end of March 2022 compared to the same period in 2021, according to a farm survey by Statistics Canada released on Friday, largely due to weather woes.

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