Soyabeans were on track for their third straight monthly decline and corn its second straight drop as traders took profits and November came to a close. "We're seeing some end-of-the-month liquidation. They (traders) generally don't like piling on a position into December that could disrupt year-end profits," said Allendale Inc analyst Rich Nelson.
Wheat futures were still positioned for a modest weekly gain. Higher prices earlier this week helped chill demand for US supplies, while exports last week were the smallest in three weeks. Shrinking supplies in the Black Sea region, the cheapest wheat in the world, were expected to prompt more demand for US wheat, but the buying has yet to materialise.
Large wheat deliveries posted on first notice day against Chicago Board of Trade December wheat futures also weighed. The CBOT said 2,119 wheat contracts were issued for delivery, more than double the average trade estimate. CBOT December wheat fell 23 cents to $8.46-1/4 per bushel, while most-active March shed 20-1/2 cents to $8.65 as of 12:17 pm CST (1817 GMT). Wheat futures were on pace for the largest two-month decline in a year after shedding 4 percent in October and 2 percent in November. Soyabeans for January delivery eased 16-1/2 cents, or 1.1 percent, to $14.31-1/2 per bushel while March corn fell 8-1/4 cents to $7.50-1/2, with losses capped by commercial buying at the lows, traders said.