Chicago Board of Trade soybean futures rallied 2.6 percent on Friday, with the gains underpinned by concerns about the quality of the crop being harvested in Argentina, traders said. Soybeans closed at session highs but remained below Thursday's peak. Heavy rains have caused significant damage to the crop in Argentina. Traders said that is sparking hope overseas demand for US supplies will remain strong, even as Argentine farmers expand their harvest in the key export country in the coming weeks.
Traders also noted some bargain buyers stepping into the soybean market following a sharp drop on Thursday. Soymeal and soyoil futures also posted big gains on Friday. For the week, CBOT soybeans rose 0.9 pct, their fourth straight weekly gain and ninth in the last 10 weeks. CBOT soymeal was up 2.2 percent this week, its fifth straight weekly gain, and soyoil was up 0.2 percent.
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