Investing.com - U.S. soybean futures tumbled to a six-month low on Friday, as optimism over the outlook for supplies in South America and weak demand for U.S. supplies drove down prices.
On the Chicago Mercantile Exchange, US soybeans for May delivery hit $9.4440 a bushel, a level not seen since October 21, before ending at $9.5140, down 2.0 cents, or 0.21%.
On the week, the May soybean contract lost 32.87 cents, or 3.34%, the fifth weekly decline in the past six weeks.
Brazil and Argentina are major soybean exporters and compete with the U.S. for business on the global market. Large South American crop prospects could weigh on demand for U.S. supplies.
Earlier in the week, the U.S. Department of Agriculture lowered its forecast for domestic soybean stocks at the end of the 2014-15 season on August 31 to 370 million bushels from 385 million bushels.
According to the agency, global soybean ending stocks were expected to total 89.6 million tons, up from 89.5 million tons estimated last month, due to a record crop in Brazil.
Meanwhile, US corn for May delivery shed 1.0 cent, or 0.26%, on Friday to close at $3.7700 a bushel. Prices touched an intraday low of $3.7420 earlier, the weakest level since April 1.
For the week, the May corn contract slumped 9.37 cents, or 2.42%, the second straight weekly loss.
The USDA said that U.S. corn inventories at the end of the 2014-15 season in August will total 1.827 billion bushels, up from a previous estimate of 1.777 billion bushels.
The agency also projected global ending corn stockpiles at 188.5 million metric tons for the 2014-15 season, up from a previous forecast of 185.28 million tons.
Elsewhere on the Chicago Board of Trade, US wheat for May delivery rose 7.6 cents, or 1.49%, to settle at $5.2640 a bushel on Friday.
Despite Friday's gains, the May wheat contract slumped 7.13 cents, or 1.33%, on the week.
The USDA forecast domestic reserves in the season ending in May at 684 million bushels, down slightly from last month’s forecast of 691 million.
According to the USDA, global ending wheat inventories will total 197.2 million tons, compared to a forecast of 197.71 in March.
In the week ahead, market players will focus on the release of key USDA data, including crop progress and weekly export sales figures.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.