US soybean futures rose on Friday in a light technical rebound from six-week lows while corn and wheat also ticked higher on bargain-buying, but gains in all three markets were limited by a strong US dollar, analysts said.
Chicago Board of Trade (CBOT) November soybeans settled up 2-1/2 cents at $12.96-1/4, bouncing after a drop to $12.92-1/2, the contract’s lowest since Aug. 8. Some traders said the market’s retreat below $13 signaled potential further weakness.
CBOT December corn ended up 2 cents at $4.77-1/4 a bushel, holding above this week’s low of $4.67-3/4, the lowest on a continuous chart of the most-active contract since December 2020.
CBOT December wheat rose 3-3/4 cents to settle at $5.79-1/2, climbing after early weakness.
A firm dollar hung over the markets at a time when US grains are already struggling to compete in the global export market with wheat supplies from Russia and Brazilian corn and soybeans.
“The biggest problem we have right now is demand for American products,” said Jim McCormack, a managing partner at AgMarket.net in Barrington, Ill.
