CBOT Futures Weaken Amid Harvest Pressures
Soybean futures at the Chicago Board of Trade (CBOT) were under pressure on Friday, weighed down by seasonal harvest pressures. The U.S. processing industry crushed 209.6 million bushels of soybeans in August, a decrease of 5.5% from July but an increase of 5.9% from the same month last year.
The tight soyoil stocks were also a concern, dropping by 13.6% to 1.696 billion pounds in August. However, end-user bargain hunting provided some support for prices.
Corn futures at the CBOT also declined on Friday, settling below the psychological $5.00 per bushel level in the December contract. The large carryout supplies and looming harvest weighed on values, but private export sales of 218,600 tonnes of corn to Mexico were reported, providing some support.
The wheat futures market saw mixed trading on Friday, with some consolidation above six-week lows. Saudi Arabia's tender for half a million tonnes of wheat was seen as supportive, while the ongoing lack of progress in restoring normal shipping volumes through the Black Sea kept caution in the futures.