CHICAGO- US soybean futures finished higher in the nearby contract and lower in deferred months on Friday as traders waited to see whether beneficial rains will arrive in dry areas of Brazil as expected.
Traders are watching forecasts closely as crop losses due the poor weather in Brazil, the world’s top soybean supplier, could boost export demand for US soy on the global market.
Strong demand for US soy cargoes and dryness in Brazil production have underpinned soybean futures recently, but forecasts project beneficial showers in northern Brazil starting late next week.
“We’re dependent on South American weather, no doubt,” said Don Roose, president of brokerage US Commodities.
Most-active soybean futures ended 1-3/4 cents higher at $13.15-3/4 per bushel at the Chicago Board of Trade. The contract gained 0.9 percent for the week, its first weekly increase since early November.
CBOT grains also finished higher, with March corn rising 3-3/4 cents to $4.83 a bushel and March wheat jumping 13-1/2 cents to $6.29-1/4 per bushel. For the week, corn eased 0.5 percent and wheat slipped 0.4 percent .
The US Department of Agriculture said in a daily reporting system that exporters sold 447,500 metric tons of US soybeans to unknown destinations and another 134,000 metric tons to China. It was the eighth consecutive session in which the USDA announced a daily soybean sale. -Reuters
