CHICAGO- US soybean futures fell on Friday on technical selling and profit taking after two sessions of gains, and as a monthly crush report showed US processors handled far fewer beans than expected in August.
Corn futures followed soybeans lower, with both markets also pressured by improving crop conditions in Europe and rising supplies from the accelerating US harvest.
Wheat rebounded from losses in the prior session on worries about shipments from the Black Sea breadbasket region and reduced harvest potential in Australia and Argentina due to recent dry weather.
Grain traders are monitoring early harvest reports from the US Midwest in anticipation of further adjustments to supply outlooks issued by the US Department of Agriculture (USDA) earlier this week.
“We’re seeing some position squaring after yesterday’s price action,” said Terry Reilly, senior agricultural strategist with Marex.
“The trade is starting to get comfortable with the 220 (million bushel soybean) carry-out, and I don’t think they want to carry a position going home into the weekend,” he said, referring to USDA’s forecast for the tightest US soy stocks in eight years. – Reuters
