CHICAGO- US soybean futures reached a one-month peak on Friday and corn futures touched more than a four-month high after the US Department of Agriculture lowered its US harvest outlooks for both crops more than expected, traders said.
Both markets later pared gains but remained poised for weekly advances.
Wheat futures also ticked up on spillover strength from corn.
CBOT corn ended 3-1/2 cents higher at $4.31 per bushel, settling up 3.5 percent for the week. CBOT soy finished up 4 cents at $10.26-1/4 per bushel, settling up 3.3 percent for the week. CBOT wheat ticked up 1 cent to $5.72-1/2 per bushel, settling up 0.80 percent for the week.
US farmers grew fewer soybeans and less corn this year than previously expected after a late-season dry spell, but supplies of both crops remain hefty, the USDA said in its monthly supply and demand report.
The agency also raised world ending stocks for wheat above trade expectations. Growers are now estimated to have produced the second-biggest US soy harvest in history after crop losses prevented them from setting a record, although end-of-season supplies are still projected at a five-year high.
