Soybeans Set for Biggest Weekly Gain in Months04/18/2016
U.S. soybeans rose on Friday to head for their biggest weekly gain in more than four months, supported by the threat of rain damage to the Argentine harvest, a wave of fund buying and healthy U.S. export demand.
Reuters reports that corn edged lower but was still set for a second consecutive weekly rise after being carried along by the rally in soybeans and increasing dryness in Brazilian corn areas. Wheat, however, was poised for a second weekly fall as the prospect of more rain relief in dry parts of the U.S. Plains maintained a bearish mood about ample global supplies.
The most active Chicago Board of Trade soybean contract was 0.3 percent higher at $9.50-1/2 a bushel by 1158 GMT, putting it up by 3.7 percent over the week, the biggest weekly run-up since early December.
Corn was down 0.3 percent at $3.72-3/4 a bushel but up 2.9 percent over the week. Wheat slipped 0.6 percent to $4.57 a bushel, leaving it down 0.7 percent this week.