Chicago Board of Trade March corn fell 11 cents, or 1.5 percent, to $7.40-1/2 a bushel by 10:49 am CST (1649 GMT), on pace for the steepest weekly drop in six weeks. Selling accelerated as the contract broke below its 50-day moving average around $7.48. CBOT January soyabeans dropped 6-3/4 cents, or 0.5 percent, to $14.84-1/2 a bushel. But the contract remained in position to climb for a third straight week and record the strongest weekly jump in more than three months.
March soya briefly rose above its 50-day moving average of $14.96 but failed to hold the gains due to a lack of follow-through buying. CBOT March wheat eased 4 cents, or 0.5 percent, to $8.58 a bushel and was set for its first weekly decline in three weeks. A monthly US Department of Agriculture report next week is expected to show US corn stocks grew 2.5 percent due to poor export demand, a Reuters poll showed, although stocks will remain the smallest in 17 years due to a crop-crippling drought this year.
Soyabean stocks are seen tightening to the lowest level since the 2003/04 marketing year (September-August) amid a scorching export pace, especially to top buyer China, analysts said. USDA on Friday confirmed private sales of 115,000 tonnes of US soyabeans to China for 2012/13 delivery.