Soybeans hit more than six-year high on strong demand, South American concerns
- Wheat prices in western European markets were little changed as improved crop outlooks in several rival exporters kept a lid on the market.
SYDNEY: US soybeans rose nearly 1% on Friday as strong demand and concerns over South American production pushed prices to their highest since June 2014.
FUNDAMENTALS
The most active soybean futures on the Chicago Board Of Trade were up 0.7% at $12.09-1/4 a bushel by 0200 GMT, near the session high of $12.11 a bushel - the highest since June 2014. Soybeans firmed 1.5% on Thursday.
Soybeans were up more than 4% for the week, heading for their biggest weekly gain in a month.
The most active corn futures were up 2% for the week, on track to post a second straight weekly gain.
The most active wheat futures were down more than 0.5% for the week after rising over 6.5% last week.
Wheat prices in western European markets were little changed as improved crop outlooks in several rival exporters kept a lid on the market.
The US Agriculture Department on Thursday morning said that weekly corn export sales totalled 1.935 million tonnes and soybean export sales totalled 1.016 million tonnes. Both topped the high end of trade expectations.
Concerns over South American production buoyed corn and soybean prices.
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