US soyabean futures fell for a third straight session on Friday on technical selling and as an improved South American crop weather forecast soothed some anxiety about drought-reduced production in Argentina. Wheat also declined, with soft red winter wheat futures pressured by forecasts for snow in some US production areas.
Corn was little changed as pressure from an improved Argentine weather forecast was offset by rising US export demand. Grain markets were on pace for their third straight weekly gains, while soyabeans appeared poised to end the week lower for the first time in three weeks.
The market's focus is shifting to next week's monthly US Department of Agriculture supply and demand reports, when the agency is expected to adjust its South American crop estimates following a stretch of adverse weather. Forecasts for rain and less intense heat have eased jitters about Argentine drought damage, while a drier outlook in Brazil could help harvesting of what is expected to be another bumper crop.
Several private forecasters this week cut their forecasts for Argentine crops but expanded Brazilian harvest views. The soyabean market is also facing pressure from tepid demand for US cargoes. Export sales fell to a seven-month low last week as stiff competition from rival exporter Brazil and concerns over lower US crop quality dented demand.
Chicago Board of Trade March soyabeans were down 5-1/4 cents at $9.79-3/4 a bushel by 12:12 pm CST (1812 GMT). The contract failed to breach chart resistance at its 100-day moving average, and selling accelerated as prices fell below its 50- and 200-day moving averages. CBOT March corn was flat at $3.61-3/4 a bushel, on pace for a more than one-percent weekly advance.
The USDA reported another 365,000 tonnes of US corn export sales on Friday, its seventh daily corn sales announcement in nine days. CBOT March soft red winter wheat shed 2 cents to $4.49 a bushel. K.C. March hard red winter wheat was down 1/4 cent at $4.66-3/4 a bushel.