10 Feb 2023 (www.hellenicshippingnews.com) - U.S. soybean futures edged higher while corn and wheat slipped in choppy Asian trading on Friday, following uninspiring export data and with traders monitoring production prospects in drought-hit Argentina.

The most-active soybean contract on the Chicago Board of Trade (CBOT) turned 0.2% higher at $15.22-1/2 a bushel, as of 0609 GMT, after early losses.

The weekly U.S. export data released by the U.S. Department of Agriculture (USDA) on Thursday showed soybean sales fell to 644,400 tonnes from 927,951 tonnes.

While the dryness in Argentina has prompted cuts to forecasts for the country’s soybean harvest, “it is expected that overseas demand will shift to Brazil,” Zhongzhou Futures analysts said in a note.

Still, concerns about the fall in Argentina production were likely to continue providing support to soybean prices, they said.

“It is expected that the short-term CBOT soybean price will still fluctuate around $15.00/bushel,” Zhongzhou analysts said.

CBOT corn dipped 0.1% to $6.70 a bushel, while wheat edged 0.2% lower to $7.55-1/2 a bushel.

U.S. corn export sales were down 33% at 1.170 million tonnes, the USDA’s latest weekly report showed. Wheat export sales hit 150,900 tonnes, near the low-end of market expectations.

“The current export progress of old crops in the United States is still significantly slow,” Zhongzhou analysts said.

Traders kept an eye on delays to Brazil’s soybean harvest from rains, which may also hold up corn planting.

https://www.hellenicshippingnews.com/u-s-soybeans-tick-up-corn-dips-on-sluggish-exports/