CHICAGO- Chicago soybean, wheat and corn futures tumbled on Friday as a flurry of farmer sales and a strong dollar weighed on the market, analysts said.
The most-active soybean contract on the Chicago Board of Trade (CBOT) settled down 20-1/4 cents at $9.91-3/4 per bushel.
Most-active CBOT March soft red winter wheat settled down 16-1/2 cents at $5.29-1/4, having hit life-of-contract lows at $5.27-1/2 during the session.
CBOT most-active March corn settled down 8-3/4 cents at $4.50-3/4 per bushel.
All three commodities had earlier in the week climbed to levels that were hard to justify given current fundamentals, said Arlan Suderman, chief commodities economist at StoneX.
A spate of farmer selling in the US and South America has pressured futures in recent days, Suderman said.
A strong dollar continued to weigh on wheat in particular, even as the dollar dipped for the day. The greenback had its best weekly performance since early November on expectations that the US economy will continue to outperform its peers globally and US interest rates will remain relatively high in 2025.
Adding pressure to futures, weekly export sales of corn, soybeans and wheat were all below expectations, according to Friday’s US Department of Agriculture report.
