CHICAGO- Chicago soybean futures slid more than 4 percent on Friday – while corn futures dropped their daily limit – as rains in key South American growing areas offered relief amid tight global supplies, overshadowing strong weekly US export data.
Wheat futures tumbled 4 percent.
The Chicago Board of Trade (CBOT) mostactive soybean contract Sv1 ended 58-1/2 cents lower at $13.11-3/4 per bushel, its biggest loss since Aug. 10, 2018.
For the week, CBOT’s most-active soybean contract lost $1.05, dropping 7.4 percent, its biggest decline since July 4, 2014.
Corn fell 23-3/4 cents to end at $5.00-1/2 per bushel, falling 4.5 percent, its biggest drop since Aug. 12, 2019. CBOT wheat Wv1 dropped 26-1/4 cents to end at $6.34-1/2 per bushel.
Robust soybean exports failed to lend support. The US Department of Agriculture reported export sales of old-crop US soybeans in the week ended Jan. 14 at 1.818 million tons, above trade forecasts. New-crop sales were 831,000 tons, also beating expectations.