U.S. soybean futures fell nearly 1% on Friday as rains across the Midwest eased concerns about global supplies, though the grain was on course to finish the week nearly 2% higher amid strong demand for U.S stock.
Wheat firmed and was set for weekly gains of 2%.
The most active soybean futures on the Chicago Board Of Trade Sv1 were down 0.9% at $13.14-1/4 a bushel, as of 0849 GMT, having closed 0.5% lower on Thursday.
Soybeans gained nearly 2% for the week after closing down more than 5% in the previous week.
“The weather has improved in the U.S. Midwest and the market isn’t as concerned as it was earlier in the week following the U.S. Department of Agriculture’s crop condition report,” a Melbourne-based grains trader said, requesting anonymity as he is not authorised to talk to the media.
Traders also noted recent export demand as confirmed by the USDA.
The confirmed sales of 133,000 tonnes of soybeans to China and 132,150 tonnes of soybeans to unknown destinations, all for delivery in the 2021/22 marketing year.
The most active corn futures Cv1 fell 0.8% to $5.46-1/4 a bushel after closing 0.2% lower in the previous session.
Still, corn climbed 2% so far this week.
The most active wheat futures Wv1 rose 0.5% to $7.42-3/4 a bushel after closing 1.9% higher in the previous session.
Wheat was drawing support, analyst said, from concerns about global supplies amid expectations for reduced supplies from the Black Sea region.
Wheat gained 2% for the week after falling 4.5% in the previous week.
The European Commission on Thursday cut its forecast of usable production of common wheat in European Union’s 27 member countries in 2021/22 to 127.2 million tonnes from 127.7 million estimated last month.
Source: Reuters (Reporting by Colin Packham)