Soybean futures rebounded from losses earlier in the day to settle slightly higher on Friday. Corn was lower on the day while wheat was mainly weaker.
Seasonal harvest pressure and China’s purchases of Argentine supplies this week initially weighed on soybeans, but the market managed to claw its way back and close in the green on strength in soymeal. At just over 11 million tonnes, total US soybean export commitments as of Sept. 18 were more than one-third below a year earlier, amid China’s avoidance of American supplies. November beans were up 1 ½ cents at $10.13 ¾, and January was 1 ¾ cents higher at $10.33.
Ample world supplies remained a bearish influence for the wheat market. December Chicago lost 7 ¼ cents to $5.19 ¾, and December Kansas City was down 6 ¾ cents at $5.05 ½. December Hard Red Spring managed to close unchanged at $5.51, but December Minneapolis slipped 5 ¼ cents to $5.67 ¾.
Harvest pressure and the losses in wheat undermined corn. December fell 3 ¾ cents to $4.22, and March closed 3 ½ cents lower at $4.38 ¾.
