US soyabean futures on Friday retreated from a two-week high reached the previous session as traders booked profits ahead of the release of key US crop reports. Wheat futures jumped after Canada said farmers had planted fewer acres of the crop than expected, while corn was little changed. Traders said they were adjusting positions in the markets before the US Department of Agriculture issues hotly anticipated data on quarterly grain stocks and crop plantings on Monday.
The agency is expected to report US soya stocks as of June 1 were a 37-year low for that date, according to a Reuters survey of analysts. Still, profit-taking drove futures lower after the soya market surged on Thursday as larger-than-expected US export sales renewed concerns about tight supplies, said Jack Scoville, vice president for Price Futures Group.
Chicago Board of Trade November soyabean futures were down 1.2 percent to $12.29 a bushel at 10:10 am CDT (1510 GMT), having closed up 1.2 percent on Thursday. Front-month soyabeans dropped 0.7 percent to $14.27-1/4. The USDA, in Monday's report, is expected to increase its soyabeans seedings estimate by 0.8 percent from March to 82.2 million acres. Front-month July corn dipped 0.2 percent to $4.41-3/4 a bushel, having closed up 0.4 percent on Thursday. December corn gained 0.5 percent to $4.45-1/2 a bushel.
September wheat futures were up 1.2 percent at $5.91-3/4 a bushel. Statistics Canada helped support wheat futures, traders said, by lowering its estimate for all-wheat plantings by 2.7 percent from April to 24.1 million acres. That was below the average of analysts' estimates for 24.5 million acres.
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