US corn, soyabean and wheat futures firmed slightly on Friday, but outlooks for good weather for crop development limited attempts at a rally, traders said. As a result, all three commodities were on track to post weekly losses. "Ongoing pressure from large supplies and lack of a weather threat kept markets on the defensive this week," Farm Futures analyst Bryce Knorr said in a note to clients.
At 10:13 a.m. CDT (1513 GMT), Chicago Board of Trade (CBOT) November soyabean futures were up 1-1/4 cents at $9.34-1/4 a bushel. CBOT December corn was 3/4 cent higher at $3.65 a bushel and September wheat futures were up 1-1/2 cents at $4.15-1/2 a bushel. For the week, wheat was off 5.2 percent, soyabeans were down 1.1 percent and corn was down 2.5 percent.
Seasonal supply pressures from big harvests in Russia and elsewhere in the Black Sea export region, along with chart-based selling momentum pushed wheat futures in Paris to new lows on Friday. Weather forecasts looked relatively favourable for Midwest corn and soyabean crops, although there was still uncertainty as to whether showers would reach all of the areas affected by very dry conditions earlier this summer. The weather forecast also added pressure to the wheat market as rain was expected to recharge soil moisture in winter wheat areas ahead of planting this fall.
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