Chicago soybean futures held steady on Friday but remained on track for a second weekly drop, as support from a softer US dollar and Chinese buying was offset by pressure from ample supplies and sluggish US export demand, reported Reuters.
Wheat futures rose and corn futures were unchanged amid healthy US export sales of both crops. Corn was headed for a small weekly gain, while wheat was set for a fourth straight weekly decline due to abundant global supply.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was flat at $10.93-1/4 a bushel at 0110 GMT and down 1.1% from last Friday's close. CBOT wheat rose 0.3% to $5.35 a bushel but was down 0.2% for the week, while corn held at $4.46-1/2 a bushel and was up 0.4% over the week.
The US dollar steadied after two days of weakening following a Federal Reserve rate cut and a less hawkish outlook than expected. A weaker dollar typically boosts US crop competitiveness on export markets.
Soybeans hit a 17-month high of $11.69-1/2 in November on optimism about rapid Chinese purchases, but the rally faded as the actual pace of buying fell short. Even so, the US Department of Agriculture (USDA) on Thursday confirmed sales of 264,000 tons of US soybeans to China and another 226,000 tons to unknown destinations, along with 186,000 tons of corn to unknown buyers.
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