SYDNEY: U.S. soybean futures held steady on Friday, though the oilseed is poised to record a weekly loss amid concerns over future demand for North American supplies as a trade
deal between Washington and Beijing remained a distant prospect.
Corn was nearly unchanged, and on course to close the week 1 percent lower, while wheat slipped.
The most active soybean futures on the Chicago Board Of Trade was unchanged at $9.15-1/2 a bushel, as of 0348 GMT, having closed 0.6 percent firmer on Thursday.
Soybeans were on track to post a weekly loss, having finished 0.7 percent firmer last week.
Soybeans faced more pressure after U.S. Commerce Secretary Wilbur Ross said the United States is "miles and miles" from resolving trade issues with the world's top soy importer - China.
However, analysts said soybeans continued to gain ground as prolonged dry weather curbed Brazilian crop.
"The market remains worried about dry weather in some of Brazil's soybeans regions," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
Gorey added that without a break in the unfavourable weather, forecasters will reduce their estimates.
Brazil's Paraná state, the country's second-largest soybean producer, cut its forecast for 2018-19 harvest to 16.8 million tonnes from 19.1 million, after a dry spell last month.
Emater, the agricultural research body in Rio Grande do Sul, Brazil's third-largest soy state, also warned of agricultural losses, after torrential rain held up field work in other parts of the country.
The most active corn futures were flat at $3.77 a bushel after closing down 0.5 percent on Thursday. The most active wheat futures slipped 0.1 percent, but climbed 0.5 percent so far this week.
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