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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