CBOT soybeans ease on South American weather; corn turns higher
By P.J. Huffstutter
CHICAGO, Nov 29 (Reuters) -Chicago Board of Trade soybean futures turned lower on Friday despite a flurry of export demand, as showers in Brazil and Argentina continue to aid development in what is expected to be a hefty crop, market analysts said.
Meanwhile, CBOT corn futures ticked higher on positive seasonal trading patterns going into the year-end, and as investors adjusted positions after Thursday's Thanksgiving Day holiday.
And CBOT wheat futures traded both sides of unchanged on technical trading, though prices remained heavily under pressure by a rush by both Russia and Argentina selling crops into the global market at a discount, analysts said.
"The wheat market is a race to the bottom," said Don Roose, president and grain analyst for U.S. Commodities, based in West Des Moines, Iowa. "The question now is how low will they go?"
Weakness in the U.S. dollar .DXY, which makes U.S. exports more competitive, also lent support to futures, traders said.
CBOT soybeans Sv1 was down 1-3/4 cents to $9.87 a bushel and corn Cv1 rose up 4 cents at $4.32 per bushel as of 11:08 a.m. CST (1708 GMT). The most-active wheat contract Wv1 was up 1/4-cent at $5.48-75 per bushel.
U.S. commodities markets were closed on Thursday for the Thanksgiving holiday. CBOT grain and oilseed trading closes early on Friday at 12:05 p.m. CST (1805 GMT).
The U.S. Department of Agriculture reported weekly 2024-25 U.S. wheat and corn export sales that were in line with trade expectations. But weekly U.S. soybean export sales were above trade estimates, USDA data showed, with strong demand for U.S. soyoil, soymeal and soybeans.
"The soybean buying was driven by demand for China, although that is expected to quickly dry up over the next 30 to 60 days as cheaper Brazilian new-crop supplies become available," Arlan Suderman, chief commodities economist at StoneX, wrote in an analyst note Friday.
Soyoil futures turned higher, following Malaysian palm oil futures FCPOc3, which rose for a fifth straight session and booked a weekly gain on Friday amid supply concerns.
Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.
Reporting By P.J. Huffstutter in Chicago; Editing by Mohammed Safi Shamsi
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