US soyabean futures fell to their lowest level in a month on Friday on a mix of technical selling ahead of the weekend and uncertainty about how trade disputes would affect exports, analysts said. Wheat and corn also fell, pressured by long liquidation and bearish data in Thursday's supply/demand reports from the US Department of Agriculture.
Chicago Board of Trade July soyabeans settled down 18 cents at $10.03-1/4 per bushel after dipping to $10.02, the contract's lowest level since April 4. CBOT July corn ended down 5-1/2 cents at $3.96-1/2, dropping below psychological support at the $4 mark. CBOT July soft red winter wheat finished down 7-3/4 cents at $4.98-3/4 per bushel, falling below $5 for the first time in two weeks.
Soyabeans fell as traders shed long positions ahead of the weekend. Commodity funds hold sizable net long positions in corn, soyabeans and soyameal, leaving those markets vulnerable to bouts of long liquidation. Traders also remain nervous about trade issues with China, the world's top soya buyer. The USDA on Thursday forecast that US soyabean exports will break a record in the upcoming marketing year.
Corn futures sagged on follow-through selling from Thursday's lower close and reminders of hefty US stockpiles. The USDA on Thursday projected 2018/19 US corn ending stocks at 1.682 billion bushels, above the average trade estimate of 1.628 billion. Wheat fell as traders digested Thursday's larger-than-expected US wheat crop estimate of 1.821 billion bushels.
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