CHICAGO: Chicago Board of Trade soyabean futures fell on Friday for a third straight session, hitting a one-week low on forecasts for beneficial rains in Argentina’s drought-hit crop belt, traders said. CBOT March soyabeans settled down 8-1/4 cents at $15.06-1/2 per bushel after a dip to $15.04, the contract’s lowest since Jan. 12.

For the week, the March contract fell 21-1/4 cents per bushel or 1.4%. CBOT March soyameal ended down $7.50 at $463.70 per short ton and March soyaoil tumbled 1.18 cents to finish at 61.97 cents per pound. “Wetter weather is finally expected in Argentina over the next 10 days, easing dryness concerns and reducing crop stress, but drier weather may return by the 11-15 day period,” space technology company Maxar said in a daily weather note.

The US Department of Agriculture reported export sales of US soyabeans in the week ended Jan. 12 at 986,200 tonnes, in line with trade expectations for 600,000 to 1,300,000 tonnes. China, the world’s top soya buyer, booked 507,000 tonnes.

Under its daily reporting rules, the USDA confirmed private sales of 220,000 tonnes of US soyabeans to unknown destinations for delivery in the 2022/23 marketing year that began Sept. 1, 2022.

China’s soyabean imports from the United States dropped 10% in 2022, customs data showed, reducing the United States’ share of that market to less than a third.

China’s stock exchange and commodity futures markets will be closed for a week for the Lunar New Year holiday, which officially starts on Jan. 21. The markets will resume trading on Monday, Jan. 30.

CBOT WHEAT UP ON SHORT-COVERING

Meanwhile, Chicago Board of Trade wheat futures ended higher on Friday on technical buying, including short covering and better-than-expected weekly US export sales, traders said.

CBOT March soft red winter wheat settled up 7 cents at $7.41-1/2 per bushel. For the week, the CBOT March contract fell 2-1/4 cents a bushel or 0.3%. K.C. March hard red winter wheat settled Friday up 16 cents at $8.48 a bushel and MGEX March spring wheat rose 8-3/4 cents to end at $9.12-3/4.

After remarks on Tuesday by Russian President Vladimir Putin raised concern about fresh export restrictions by the world’s biggest wheat supplier, Russia’s agriculture ministry eased fears on Thursday by saying there were no plans to reduce a grain export quota.

CBOT corn mostly lower

Chicago Board of Trade corn futures ended mostly lower on Friday as pressure from beneficial rains expected next week in Argentina overshadowed support from stronger-than-expected weekly US export sales, traders said.

CBOT March corn settled down 1 cent at $6.76-1/4 per bushel. For the week, the March contract rose 1-1/4 cents per bushel, or 0.2%, eking out its fifth weekly rise in the last six weeks. Rain in Argentina should help bolster crop production prospects.

“Wetter weather is finally expected in Argentina over the next 10 days, easing dryness concerns and reducing crop stress, but drier weather may return by the 11-15 day period,” space technology company Maxar said in a daily weather note.

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