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GRAINS-Corn, soy, wheat fall; on track for weekly losses

CHICAGO, Nov 13 (Reuters) - U.S. soybean futures fell on Friday on a mild profit-taking setback after posting gains the previous two sessions, traders said.

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IStock Photo.

CHICAGO, Nov 13 (Reuters) - U.S. soybean futures fell on Friday on a mild profit-taking setback after posting gains the previous two sessions, traders said.

But the declines were kept in check by technical buying as prices neared contract lows hit earlier in the week. Better-than-expected U.S. export data also lent support.

Corn and wheat futures also eased, pressured by ample supplies and weak demand for U.S. supplies on the export market. Some end-of-week short covering in both commodities limited the drops.

All three commodities were on track for weekly losses.

"It is clear that global supply is strong and that means lower prices and our forecasts don't have much of an upside in terms of price," said Phin Ziebell, agribusiness economist at National Australia Bank.

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Chicago Board of Trade January soybean futures were down 6-1/4 cents at $8.56-3/4 a bushel at 10:56 a.m. CST (1656 GMT). The front-month contract has fallen 0.9 percent so far this week and was on track for its fourth straight week of losses.

The U.S. Department of Agriculture on Thursday morning said weekly export sales of soybeans totalled 1.297 million tonnes in the latest week, topping the high end of market estimates that ranged from 600,000 to 1 million tonnes.

CBOT December corn futures, which have fallen 3.6 percent so far this week, were 2-1/4 cents lower at $3.59-3/4 a bushel.

CBOT December soft red winter wheat was down 4 cents at $4.94 a bushel. The front-month contract has shed 5.6 percent this week, which would be its biggest weekly loss since the week ended July 24.

Related Topics: WHEATMARKETSCROPSCORN
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