US MIDDAY: soya and wheat up

US soybean, wheat and corn futures were slightly higher on Friday, boosted by light investment fund buying ahead of next week's presidential election and US Department of Agriculture monthly supply and demand data, traders said. Chicago Board of Trade corn and soyabean futures fell sharply for the week, despite Friday's modest gains, while wheat futures rose for the first time in three weeks. Traders were largely squaring their positions ahead of the US election on Tuesday and USDA report due on Wednesday.
"The market is going nowhere fast," EFG Group analyst Tom Fritz said. Analysts polled by Reuters expected the USDA to raise its forecast for US soyabean production to a new record high and slightly reduce its outlook for US corn output. Analysts also predicted the USDA would narrowly increase US wheat ending stocks. "Expectations for an upgrade to (already high) US yields remain a handbrake on the market," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia, referring to soyabeans.
CBOT January soyabean futures settled 1-1/4 cents higher at $9.90-3/4 per bushel, rebounding from Wednesday's two-week low. Soya prices on a continuous chart eased 2 percent for the week, their largest weekly decline since August. CBOT December corn settled 3/4 cent higher at $3.84-3/4 per bushel, also shedding about 2 percent for the week. CBOT December wheat finished 2-1/4 cents higher at $4.14-1/4, gaining 1.2 percent for the week. Investment funds bought modest amounts of soyabeans, corn, wheat and soyameal and were net sellers in soyaoil futures, trade sources said.