US soyabean futures fell on Friday as the weather outlook for the Midwest bolstered expectations of a huge harvest in the fall, traders said. Corn and wheat futures firmed, recovering from early weakness on short-covering and technical buying. The forecast for key growing areas of the US Midwest showed moderate temperatures and some rain, beneficial for the final stages of development for the maturing soyabean crop.
The weather view outweighed continued signs of strong overseas demand for US soyabeans. The US Agriculture Department on Friday morning said private exporters reported the sale of another 261,000 tonnes of soyabeans to unknown destinations for delivery in the 2016/17 crop year.
At 10:25 am CDT (1525 GMT), Chicago Board of Trade November soyabean futures were down 11-3/4 cents at $10.02-3/4 a bushel. Technical support for soyabeans was noted near Thursday's low of $9.96-3/4 a bushel. For the week, CBOT soyabean futures have risen 2.1 percent, on track for their third gain of the last four weeks.
CBOT December corn futures were up 1-1/2 cents at $3.43-1/2 a bushel. Corn has risen 3.2 percent so far this week and was one track for its sixth straight higher close. Corn futures have posted intraday losses before recovering to close in positive territory every day during the streak. CBOT September wheat futures were 4-1/2 cents higher at $4.31-1/2 a bushel. Wheat prices, which were up 2.1 percent for the week, hit their highest since July 25. Huge global supplies of wheat and the USDA's forecast for a record large US corn harvest limited the gains in grains.
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