US corn and soyabean futures edged higher on Friday, supported by a round of bargain buying, traders said. Chicago Board of Trade soft red winter wheat futures were weaker, weighed by weak demand on the export market for US supplies.
All three commodities were on track to post weekly losses, with corn and wheat set to notch their biggest weekly declines since the summer of 2016. Gains in corn and soyabeans were capped by forecasts for cool weather and some crop-boosting moisture in the coming days. At 10:41 am CDT (1541 GMT), Chicago Board of Trade December corn futures were up 3 cents at $3.80-3/4 a bushel. CBOT November soyabeans were 1/4 cent higher at $9.60-3/4 a bushel.
"Weather forecasters' predictions are largely being realised with more rain and cooler temperatures," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney. For the week, corn futures have dropped 2.0 percent and soyabean futures have dropped 5.3 percent, which would be the biggest weekly loss since the week ended July 23, 2016.
Market attention is turning towards the USDA's monthly supply and demand report on August 10 in which it will update its corn yield projection including first data from field surveys. CBOT September soft red winter wheat futures were down 1-1/4 cents at $4.56-1/2 a bushel. CBOT wheat has fallen for four straight weeks, shedding 14.6 percent of its value during that time. US wheat faced stiff competition on the export market with rising expectations for harvest production in Russia, a leading wheat exporter, adding to the global stockpile.
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