CHICAGO: Chicago Board of Trade corn futures rose on Friday, supported by a round of speculative buying with traders saying the market was viewed as technically oversold after falling in six of the previous seven sessions.
Hopes that the recent price declines will spark fresh interest from overseas buyers added support to corn.
Meanwhile, US soyabean futures rose on Friday, bolstered by expectations of more cuts to the size of the harvest in Argentina as dry and hot weather continued to stress the crop throughout its final stages of development, traders said.
The benchmark Chicago Board of Trade May soyabean futures contract settled up 9-1/2 cents at $15.18-3/4 a bushel, capping a week that saw the most-active contract dip 0.03%. CBOT May soyabeans rose above their 10-day, 30-day, 40-day and 50-day moving averages during the session.
CBOT May soyameal futures settled up $9.00 at $481.30 and were up 0.3% for the week. CBOT May soyaoil ended down 0.71 cent at 61.19 cents per lb. For the week, soyaoil futures slipped 0.05%.
US wheat futures fell on Friday, with concerns about weak domestic and export demand for US supplies weighing on prices, traders said.
K.C. hard red winter wheat futures posted the biggest decline, pressured by forecasts for crop-boosting moisture in key growing areas of the US Plains.
The benchmark Chicago Board of Trade May soft red winter wheat futures contract settled down 4 cents at $7.08-3/4 a bushel.
KC May hard red winter wheat futures dropped 11 cents to $8.15 a bushel and MGEX May spring wheat futures were 4 cents lower at $8.72-1/4 a bushel.
For the week, CBOT wheat futures shed 1.8%, K.C. hard red winter wheat futures lost 2.4% and MGEX spring wheat futures fell 1.7%.
Brazil has become the second country in the world after Argentina to approve the cultivation of genetically modified wheat.
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