By Ilan Brat
CHICAGO--U.S. soybean futures fell Friday on concerns that the
oilseeds have lost some international competitiveness after China
canceled an import order.
Corn finished lower and wheat was mixed.
Soybeans came under selling pressure throughout the session
following a U.S. Department of Agriculture report indicating that
China had cancelled an order for 200,00 metric tons of the
oilseeds. In addition, analysts said traders consolidating
positions during the last session of the month may have contributed
to the downward pressure.
Chicago Board of Trade soybean futures for August delivery
declined 9 1/2 cents, or 1%, to $9.80 3/4 a bushel.
Corn fluctuated between gains and losses during the session, and
ultimately closed lower. Analysts said a USDA report of an export
order to Mexico helped bolster the grain but uncertainty about
whether an extremely rainy June and early July, and a subsequent
spell of benign weather would make output more or less than
expected, added some pressure.
CBOT corn futures for September delivery ended 2 1/4 cents, or
0.6%, lower at $3.71 a bushel.
Wheat settled mixed. A decline in the dollar supported the
grain. A weaker greenback helps make U.S. supplies more affordable
for foreign buyers. The overall strength of the dollar in the last
year has battered grains and soybeans in general and dragged
particularly on wheat, one of the most global of grains. It has
helped make European and Russian wheat more attractive to big
buyers like Egypt and relegated U.S. supplies to a position farther
down buyers' preference lists.
At the same time, some private estimates during the week for
strong wheat yields weighed on the grain.
CBOT wheat futures for September delivery were up 2 3/4 cents,
or 0.6%, at $4.99 1/4 a bushel. CBOT March 2016 wheat was 3/4 cent,
or 0.2%, lower at $5.10 1/2 a bushel.
Write to Ilan Brat at ilan.brat@wsj.com
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