U.S. soybean futures edged higher on Friday, but were poised to rack up weekly losses of more than 1.5% as rains across the Midwest, a key growing region, eased concerns about global supplies.

Wheat also edged higher, but was headed for a third straight weekly loss due to expectations of bumper global supplies, while corn also firmed.

The most-active soybean futures on the Chicago Board of Trade was up 0.1% to $13.73 a bushel by 0326 GMT, having closed down 0.7% on Thursday when prices hit a six-day low of $13.45-3/4 a bushel.

Soybeans are down nearly 1.5% for the week, the third straight weekly loss.

Analysts said rains across the U.S. Midwest were winning out among the competing forces influencing soybean prices.

“Southern American weather conditions are garbage and there is really strong Chinese demand,” said Phin Ziebell, agribusiness economist at National Australia Bank.

“But (markets) are seeing some easing of supply concerns.”

The U.S. Agriculture Department said on Thursday private exporters reported a sale of 132,000 tonnes of soybeans to China and 260,000 tonnes of soybeans to unknown destinations. The USDA has announced similar deals twice this week.

The most active corn futures were up 0.7% at $6.57-3/4 a bushel, after closing down 1.5% in the previous session.

Corn is up 0.5% for the week, after closing 4.2% lower in the previous week.

The most active wheat futures were up 0.2% at $6.53 a bushel, after closing down 1.8% in the previous session.

Wheat is down nearly 1.5% for the week, the third straight weekly loss.

Analysts said wheat is under pressure as global supplies swell.

Russia, the world’s largest wheat exporter, started harvesting its 2021 grain crop this week with bright prospects for another year of large production.
Source: Reuters (Reporting by Colin Packham; Editing by Amy Caren Daniel)