CHICAGO- Chicago Board of Trade soybean futures ended slightly higher on Friday on technical trading and a flurry of export demand, market analysts said.
But soybean prices remained under pressure on forecasts for timely showers in Brazil and Argentina, which should continue to aid development in what is expected to be a hefty crop, market analysts said.
Meanwhile, CBOT corn futures rose on technical buying and positive seasonal trading patterns going into the year-end, and as investors adjusted positions after Thursday’s Thanksgiving Day holiday.
And wheat ended the session lower after a choppy trading day, pressured by both Russia and Argentina selling crops into the global market at a discount, analysts said.
“The wheat market is a race to the bottom,” said Don Roose, president and grain analyst for US Commodities, based in West Des Moines, Iowa. “The question now is how low will they go? CBOT soybeans settled up 3/4-cent at $9.89-1/2 a bushel and corn rose 5 cents at $4.33 a bushel. The most-active wheat contract ended the session down 1/2-cent at $5.48 a bushel.
