CANBERRA - Chicago soybean futures fell on Friday and were on track for a ‍second consecutive weekly drop, as ‍support from a softer dollar and recent Chinese purchases was offset by ample ​supplies and doubts China will buy enough to stem further declines.

Wheat futures edged higher and corn dipped ⁠amid healthy U.S. export sales, but while corn was set for a small weekly gain, wheat headed ⁠for a ‌fourth consecutive weekly decline due to abundant global supply, with Argentina and Australia currently harvesting big crops.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was ⁠down 0.1% at $10.92-1/4 a bushel, as of 0524 GMT, and has lost 1.2% from last Friday's close.

CBOT wheat Wv1 rose 0.1% to $5.34 a bushel, but has slipped 0.4% for the week, while corn Cv1 edged 0.1% lower at $4.46-1/4 a bushel and was up 0.3% ⁠over the week.

The dollar steadied ​after two days of weakening after the U.S. Federal Reserve cut interest rates and offered a less-hawkish outlook than expected. A ‍weaker dollar makes U.S. crops more competitive in export markets.

Soybeans rose to a 17-month high of $11.69-1/2 in November on optimism ​that China would quickly buy large quantities from the United States, but the rally faded as the actual pace of buying disappointed traders.

That said, the U.S. Department of Agriculture (USDA) confirmed sales of 264,000 tons of U.S. soybeans to China and another 226,000 to unknown destinations on Thursday, as well as 186,000 tons of U.S. corn to unknown destinations.

Meanwhile, China's state stockpiler Sinograin sold most of the soybeans it offered in an auction of state reserves, traders said, the first of what is expected to be a series of sales that would make room for more U.S. supplies.

"China ⁠will need to continue buying large amounts of U.S. soybeans ‌to keep prices up," said Andrew Whitelaw, an analyst at consultants Episode 3.

"The market is well supplied and Brazil will soon start harvesting," Whitelaw said.

Brazil is the biggest soybean producer. Crop ‌agency Conab ⁠on Thursday lowered its 2025-26 Brazilian harvest estimate by around 550,000 metric tons to 177.12 million tons, still ⁠a record amount.