Corn and Soybean Futures Drop on Profit-Taking Ahead of US-China Summit

US corn and soybean futures declined on Friday as traders booked profits from recent multi-year highs, analysts said. Crude oil prices also fell.

The focus is on next week's meeting between Donald Trump and Xi Jinping, where Chinese purchases of US agricultural products will be a key topic. Analysts warn that managed commodity funds have a net long position in all three commodities, leaving the markets vulnerable to liquidation if there is no new supportive news.

CBOT corn futures ended 3 cents lower at $5.27-1/4 per bushel after reaching a one-week low of $5.25-1/4. CBOT December soybeans settled at $13.03-1/2 per bushel, down 16-1/4 cents or 1.2%. December wheat ended down 12-3/4 cents, or 1.8%, at $7.14-1/4 per bushel.