US soyabean futures held near three-month lows on Friday and were on track for a third straight weekly decline as forecast rain in Argentina eased concern about a potential supply risk. Corn hovered near previous levels, lifted at times by short-covering ahead of the Christmas holiday weekend, while wheat slipped from two-week highs.
Trading volumes were light in the holiday-shortened session. Markets will close at 12:05 pm CST (1805 GMT) on Friday and will remain closed on Monday. Weekend showers are forecast for Argentine crop belts, which on top of recent rainfall has eased concerns about drought in the world's third-largest soyabean exporter.
Soyabeans have also been curbed by a slide in palm oil futures. Benchmark prices in Malaysia fell to a 16-month low although they later recovered, helping CBOT soyabeans come off their low. More stringent specifications for US soyabean imports in China, the top importer, have pressured futures this week as they could curb buoyant Chinese demand.
Chicago Board of Trade January soyabeans were 3/4 cent higher at $9.49-1/2 a bushel at 11:10 am CST (1710 GMT) after earlier sinking to a low of $9.46-1/2, the lowest for the most actively traded contract since September 13. Soyabeans have closed lower in 11 of the previous 12 sessions. Wheat prices eased as traders squared positions ahead of the holiday weekend after two sessions of gains and as US weather forecasts showed the risk of freeze damage to winter crops has lessened in recent days. CBOT March wheat was down 2-1/2 cents at $4.24-1/2 a bushel after earlier rising to a 2-1/2 week high of $4.29. March corn futures gained 1/2 cent to $3.51-3/4 a bushel, the highest since December 13.
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