CBOT soybeans close firm on bargain buying

CHICAGO: Chicago Board of Trade soybean futures edged higher on Friday, with bargain buyers stepping into the market after the US Agriculture Department's forecast for a record harvest sparked a steep sell-off on Thursday.

But traders said the outlook for a bumper crop kept the gains in check.

Technical support for the benchmark CBOT November soybean contract was noted at the low end of its 20-day Bollinger range.

Soymeal futures also posted a modest rebound after hitting their lowest level since June 30 on Thursday.

Soyoil futures weakened.

For the week, soybean futures fell 1.2 percent, their third straight weekly loss.

Soymeal futures posted a weekly loss of 1.6 percent and soyoil was down 0.3 percent.