CHICAGO: US corn and soybean futures hovered near a three-year lows on Friday as South American crop weather improved and forecasts called for plentiful supplies, but losses were limited by short covering ahead of the weekend.
Both markets were on pace for weekly declines, with soybeans headed for an eighth straight drop and corn poised for its eighth weekly drop in nine weeks.
Wheat futures were higher on bargain buying and short covering, and as the US dollar softened, but prices were largely unchanged on the week.
Corn and soybean markets remained focused on supply and demand estimates released by the US Department of Agriculture (USDA) and Brazil’s Conab a day earlier.
Both reduced projections of Brazilian soybean and corn output in the light of recent drought. Consultancy Safras & Mercado also cut its Brazilian soy crop estimate on Friday.
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