CHICAGO: Chicago Board of Trade soyabean futures rallied on Friday, underpinned by stronger soyameal futures and persistent dryness in Argentina and parts of Brazil.

CBOT March soyabeans gained 23 cents to end at $14.10-1/4 a bushel.

CBOT’s most-active soyabean contract added 71 cents, a 7.47% gain for the week.

CBOT March soyameal futures added $14.00 to $425.00 a ton, notching life-of-contract highs in all contract months.

CBOT March soyaoil fell 0.12 cents to 58.78 cents per lb.

US exporters reported a sale of 120,000 tonnes of soyabeans to unknown destinations, the US Department of Agriculture said.

Traders have begun positioning ahead of the USDA’s crop reports scheduled for January 12.

US wheat futures gained on Friday, supported by a stronger grains market and technical buying after a weekly drop, traders said. CBOT March soft red winter wheat settled 12-1/2 cents higher at $7.58-1/2 a bushel, after falling to $7.35-1/2, its lowest price since Oct. 15, 2021.

For the week, CBOT’s most-active wheat lost 12-1/4 cents, down 1.59%.

KC hard red winter wheat for March delivery added 6-1/2 cents to $7.75 a bushel, while MGEX March spring wheat lost 1/2 cent to end at $9.23-1/4 a bushel.

Traders have begun positioning ahead of the US Department of Agriculture’s crop reports scheduled for Jan. 12.

Jordan’s state grain buyer has issued an international tender to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, European traders said. Brazil was able to clear two wheat shipments at its key Santos port after a few days of delay caused by a protest by agricultural tax collectors as part of their campaign for higher wages, industry association Abitrigo said. Chicago Board of Trade corn futures ended firmer on Friday for a second consecutive day, pulled higher by climbing soybean futures as dryness across South America threatens crop production in the region.

However, long-term forecasts for rain could benefit corn crops in Argentina, analysts said.

The benchmark CBOT March corn futures contract settled 3-1/4 cents higher at $6.06-3/4 a bushel.

CBOT’s most-active corn contract added 2.3% for the week. US exporters reported a sale of 176,784 tonnes of corn to Mexico, the US Department of Agriculture said.

Traders have begun positioning ahead of the USDA’s crop reports scheduled for Jan. 12.