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CHICAGO- Chicago soybean futures rallied on Friday, supported by soymeal demand and weather issues in South America.
Corn followed higher, although crops in Argentina and Brazil are likely less impacted by drought in the region as they have more time to benefit from rainfall expected later this month.
Wheat rebounded from a new 2-1/2-month low, pressured by technical selling.
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Grain markets also looked to a series of US Department of Agriculture (USDA) crop reports scheduled for Jan. 12, including updated estimates of South American production.
“We’re going to continue to see this erratic movement until we get past USDA’s reports,” said ArlanSuderman, chief commodities economist at StoneX.
