CHICAGO, Sept 15 (Reuters) -
U.S. soybean futures fell on Friday on technical selling and profit taking after two sessions of gains, and as a monthly crush report showed U.S. processors handled far fewer beans than expected in August.
Corn futures followed soybeans lower, with both markets also pressured by
improving crop conditions
in Europe.
Wheat rebounded from losses in the prior session on worries about shipments from the Black Sea breadbasket region and reduced harvest potential in Australia and Argentina due to recent dry weather.
Grain traders are monitoring early harvest reports from the U.S. Midwest in anticipation of further adjustments to
supply outlooks
issued by the U.S. Department of Agriculture (USDA) earlier this week.
"We're seeing some position squaring after yesterday's price action," said Terry Reilly, senior agricultural strategist with Marex.
"The trade is starting to get comfortable with the 220 (million bushel soybean) carry-out, and I don't think they want to carry a position going home into the weekend," he said, referring to USDA's forecast for the tightest U.S. soy stocks in eight years.
A slower-than-expected
August soy crush
among National Oilseed Processors Association (NOPA) members weighed on soybean futures, while the lowest soyoil stocks in nearly six years underpinned soyoil futures.
Chicago Board of Trade November soybeans were down 13 cents at $13.47-1/2 a bushel by 11:54 a.m. CDT (1654 GMT) after hitting overhead technical resistance at its 20- and 50-day moving averages. The contract was poised for a 1.1% weekly decline, its third straight.
December corn futures were down 4 cents at $4.76-1/2 a bushel, on pace for a 1.5% weekly drop.
CBOT December wheat was up 9-1/2 cents at $6.03-1/4 a bushel. The contract hit overhead chart resistance at its 20-day moving average but remained poised for a 1.2% weekly advance.
(Additional reporting by Peter Hobson in Canberra and Sybille de La Hamaide in Paris; Editing by Sherry Jacob-Phillips, Jane Merriman and Richard Chang)
