CHICAGO- US soybean futures fell on expectations that recent rains in Argentina boosted crop potential from that key South American exporter, traders said.
Wheat futures were mixed, with the most-active Chicago Board of Trade soft red winter wheat contract sagging on position squaring after notching its biggest weekly gain in four weeks.
But wheat contracts tracking high-protein supplies were firm, supported by concerns about a cold snap in the US Plains damaging the dormant crop and worries that escalations in the Russia-Ukraine war could lead to supply disruptions from Black Sea ports.
Corn futures edged higher on hopes for stepped-up demand on the export market.
All three commodities posted weekly gains.
“Grain and oilseed traders are consolidating recent price gains ahead of the weekend,” Arlan Suderman, chief commodities economist at StoneX, said in a note to clients.
Chicago Board of Trade March soybean futures SH3 settled down 14 cents at $15.09-1/2 a bushel.
Recent rains have brought badly needed relief to much of Argentina’s parched agricultural land, the Buenos Aires Grains exchange said on Thursday, with coming rains expected to further help farmers in the planting stage amid a historic drought. – Reuters
