(Reuters) – U.S. soybeans fell 0.5 percent on Friday to the lowest in more than a week and the oil seed also faced the biggest weekly loss in two months as forecasts of more favourable weather in key North American growing areas weighed on prices.
Corn fell nearly 1 percent, under pressure from a better weather outlook, while wheat fell for a sixth consecutive session – the longest consecutive slump for the contract.
Chicago Board of Trade November soybeans fell 0.42 percent to $10.04-3/4 a bushel, just above the session low of $10.02-3/4 a bushel – the lowest since July 9. Soybeans closed down 0.8 percent in the previous session.
Soybeans are down 1.5 percent for the week, the biggest one-week loss in eight weeks, under pressure from forecasts for dry weather across key production regions.
“The Northern American weather premium is easing. If you look at Canada, there are forecasts for rain and the dry weather in the U.S. will ease some concerns in the market,” said Paul Deane, senior agricultural economist at ANZ Bank.
With dry weather forecast for the Midwest and easing drought concerns for the Canadian rapeseed market, soybeans have posted
four straight sessions of losses, the longest consecutive slump in nearly two months.
December corn fell 0.9 percent to $4.37 a bushel, having gained 0.1 percent in the previous session.
Corn is down more than 1.5 percent for the week, the first weekly slide in five weeks, though traders said prices were receiving support from large fund buying.
December wheat fell 0.8 percent $5.57-3/4 a bushel, having closed down 0.61 percent on Thursday.
Wheat has fallen for the past six sessions, the contract’s longest losing slump.
Wheat is down nearly 3 percent for the week, extending two-week losses to more than 5.5 percent as prices come under pressure from the rapidly advancing U.S. harvest.
The U.S. winter wheat harvest was 65 percent complete as of Sunday, up 10 points over the week, according to the U.S. Department of Agriculture.
