CHICAGO- US soybean futures sank to a one-week low on Friday and corn fell more than 1 percent as traders focused on improving prospects for South American harvests, analysts said.
Wheat fell 2 percent on profit-taking and slowing global export trade.
Chicago Board of Trade March soybeans settled down 13-3/4 cents at $12.09-1/4 per bushel after dipping to $12.08-1/2, the contract’s lowest since Jan. 18.
CBOT March corn ended down 5-1/2 cents at $4.46-1/4 a bushel and March wheat fell 12 cents to settle at $6.00-1/4 a bushel.
Outlooks for large soy and corn crops in Argentina and optimism about Brazil’s harvest set the tone. The Buenos Aires Grains Exchange on Thursday raised its estimate of Argentina’s soybean crop to 52.5 million metric tons, up about 1 percent from its previous forecast, and pegged the corn crop at 56.5 million tons, up nearly 3 percent.
Given weather forecasts for welcome rains in Argentina early next month after a dry spell, “I think you will see bigger increases down the road,” said Mark Soderberg, a market analyst with ADM Investor Services.
