Chinese buying and harvest pressure weigh on soybean futures

Chicago soybean futures fell on Friday, poised for a second weekly loss due to large Chinese purchases of Argentine soybeans at the expense of U.S. supplies and seasonal pressure from the North American harvest. Wheat and corn prices also fell on bearish sentiment in the agricultural markets. The most-active soybean contract on the Chicago Board of Trade fell 0.1% to $10.11 a bushel, as of 1115 GMT, with prices down 1.4% this week. Wheat lost 0.3% to $5.24-1/4 a bushel and corn fell 0.2% to $4.25 a bushel. Both wheat and corn are set to end the week marginally higher, having dropped last week. China’s absence from the U.S. soybean market amid a Washington-Beijing trade war was keeping a lid on prices. “China’s purchases of Argentinian soybeans have put further downward pressure on Chicago futures,” said one oilseed trader in Singapore. “The global soybean market is well supplied as U.S. harvest is gaining momentum.” Around 40 Argentine soybean cargoes were registered for export in ...