CHICAGO, June 25 (Reuters): Chicago Board of Trade corn and soybean futures fell to one-week lows on Friday, pressured by forecasts for beneficial rains in the US Midwest, traders said.
Wheat futures also were lower, with traders locking in profits from a rally that has pushed prices higher for five weeks in a row.
Signs of poor demand, highlighted by lackluster export data and weakness in the cash market, added to the bearish tone hanging over grains futures on Friday.
"Trade (is) continuing to ease overbought conditions as we watch forecasts evolve short term with some relief expected this weekend, and into later next week," brokerage FuturesOne said in a note to clients.
CBOT December corn futures were down 29-3/4 cents at $5.91 a bushel and CBOT November soybean futures were off 34 cents at $13.05-1/2 a bushel at 1554 GMT on Friday.
CBOT soft red winter wheat futures for September delivery were down 10 cents at $7.42-3/4 a bushel. The contract has jumped 20.4 per cent in the last five weeks.
The US Agriculture Department said on Friday morning that weekly export sales of corn totaled just 83,100 metric tons, near the low end of market estimates that ranged from zero to 800,000 metric tons.
US soybean, corn futures hit lowest in a week
FE Team | Published: June 25, 2023 22:39:02
US soybean, corn futures hit lowest in a week
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