US soyabean futures rallied 1.5 percent on Friday on firm cash markets, good export demand and spillover strength from higher soyameal futures, which surged 3 percent. Wheat futures edged higher for a second straight day, aiming for the first weekly gain in a month, amid concerns about crops in key southern hemisphere exporters.
Corn touched a one-week high on strong demand but later slipped on light profit taking, with prices anchored by ample US supplies following a record-large harvest.
The US soyabean crop is also expected to be a bumper on. The US Department of Agriculture, in a monthly report on Nov. 8, forecast US soyabean exports in the 2013/14 marketing year at 1.45 billion bushels.
USDA on Friday confirmed private sales of 115,000 tonnes of US soyabeans to China. That followed a weekly USDA report on Thursday which showed soyabean sales last week well above expectations.
Chicago Board of Trade January soyabeans added 20-1/2 cents to $13.12 a bushel by 10:44 am CST (1644 GMT), a 1.6 percent gain that was the strongest in two weeks. The contract was on pace for its second weekly gain in three weeks.
December soyameal futures soared $12.20, or 3 percent, to $423.20 per ton.
CBOT December corn was unchanged at $4.23 a bushel after failing to break through its 20-day moving average of $4.25-1/4. Still, the contract remained poised for its first weekly gain in five weeks.
CBOT December wheat added 3 cents, or 0.5 percent, to $6.51-3/4 a bushel and also was on pace for the first weekly advance in five weeks.
Wheat remained supported by worries about a reduced crop and quality in No. 2 exporter Australia, where rains have marred harvesting.