SINGAPORE: Chicago soybean futures gained more ground on Friday with the market poised for its biggest weekly gain in a month on concerns over US weather and strong Chinese demand. Wheat rose amid concerns over the Black Sea grain export deal, which is due to expire next week, while corn edged higher.
“The US Department of Agriculture (USDA) has forecast record yields for the soybean crop and any issues with weather during the growing period is likely to trigger a rally in prices,” said one Singapore-based trader.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $12.72-1/4 a bushel, as of 0302 GMT. The market has risen 4.2% so far this week, on track for its biggest gain since mid-June. Wheat added 0.6% to $6.43-3/4 a bushel and corn rose 0.4 to $5.02-1/4 a bushel.
For the week, wheat is down 1%, while corn added 1.6%. Portions of the northwestern Midwest are set to remain dry in the coming week and the key growth period for soybeans still lies ahead in August. The USDA earlier this week projected massive harvests of both corn and soybean crops this year, despite drought conditions stressing plants during early stages of development.
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