Soybean futures ended the week lower, easing off overnight gains to fall for a third consecutive session.
Oilseed prices hit a multimonth high earlier this week on concerns about excessively dry weather in Argentina, which could cause problems for the country's corn and soybean crops. Given the Argentine growing season was in its early stages, however, traders judged that there was plenty of opportunity for improvement and pulled back.
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"It's still a bit early in the growing season for dry weather in southern Brazil, Argentina and Uruguay to cause major concerns about crop production," said Dave Marshall of First Choice Commodities.
Showers in Argentina on Friday and Saturday would do little to relieve crops significantly, MDA Weather Services said, though wetter weather was expected to improve some dry patches later next week.
Soybean futures for January fell 0.2%, to $9.89 3/4 a bushel, at the Chicago Board of Trade.
Grain markets were mixed. CBOT March corn futures rose 0.4%, to $3.52 3/4 a bushel, while March wheat contracts slid 0.6%, to $4.19 a bushel.
Outside markets were mixed. A higher U.S. dollar dampened export competitiveness while rising crude oil prices lifted the commodity sector.
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(END) Dow Jones Newswires
December 08, 2017 15:23 ET (20:23 GMT)