Soybean down

SINGAPORE: Chicago soybeans slid for a second session on Friday with a strong dollar weighing on prices, although crop-damaging floods in Argentina kept a floor under the market.

Wheat fell for a third consecutive session on concerns over slowing demand after prices earlier this week climbed to their highest since August.

The Chicago Board Of Trade most-active soybean contract is up 1.7 percent this week, adding to last week´s 5.2 percent gain.

Soybeans are drawing support from the threat of rain-damage to crops in Argentina, the world´s third largest soybean exporter and the top supplier of soymeal and soyoil.

Argentina will harvest 52.9 million tonnes of soy this season, the Rosario grains exchange said on Thursday, cutting its previous 54.4 million tonne forecast due to bad weather.

Also on Thursday, the Buenos Aires Grains Exchange shaved its soy planting estimate for the current 2016/17 season to 19.2 million hectares (47.4 million acres) from a previous forecast of 19.3 million hectares, citing extreme weather.