US corn and wheat futures were trading close to unchanged on Friday as their recent rally from multi-week lows ran out of steam in the absence of fresh fundamental news, traders said. Soyabeans weakened, on track for their ninth decline in 10 sessions as the market remained anchored by expectations for a record crop in Brazil.
"The corn and wheat rebounds have run into chart resistance while nearby soyabeans are stuck to the $10 mark," Matt Zeller, director of market information of INTL FCStone, said in a note to clients.
At 10:31 a.m. CDT (1531 GMT), Chicago Board of Trade corn futures for May delivery were up 1/2 cent at $3.66-1/2 a bushel. CBOT May wheat was 3/4 cent lower at $4.35-1/4 a bushel.
Both corn and wheat firmed during overnight trading but hit technical resistance at their 100-day moving averages.
CBOT May soyabeans were down 3-1/4 cents at $9.98-1/4 a bushel.
For the week, soyabean futures have fallen 0.7 percent, wheat futures have fallen 1.1 percent and corn futures have risen 0.7 percent.
Ample supplies, and the prospects for strong global harvests also limited any rally attempts.
Argentine corn and soyabeans should benefit from high yields brought by good weather, the Buenos Aires Grains Exchange said on Thursday, adding it might increase its soyabean harvest estimate.
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