Soybean futures posted modest gains on Friday, supported by export demand and continued Chinese buying, while corn futures declined under harvest pressure and wheat finished mixed.
Soybeans drew continued support from the USDA's latest weekly export sales report. Sales for the week ended Oct. 15 totalled 2.84 million tonnes, on the high end of pre-report trade guesses. China accounted for a major portion of those sales.
However, gains were limited by the advancing U.S. harvest. January soybeans added 3 ¾ cents to $12.68 ½, and new-crop November was up 2 ¾ cents at $12.31.
Corn futures moved lower as favourable harvest weather across much of the Midwest encouraged fieldwork and added to seasonal supply pressure. On the other side, the USDA today reported a separate sale of 116,000 tonnes of corn to unknown destinations. December slipped 4 ½ cents to $4.56, and March was down 4 cents at $4.70 ¼.
Concerns about disruptions to Black Sea exports offered underlying support to wheat, but sluggish U.S. export demand and speculation surrounding possible Russia-Ukraine peace talks continued to weigh. December Chicago managed a ¼-cent gain to $6.25, but December Kansas City lost 1 ¼ cents to $6.64 ½. December Hard Red Spring was downb 13 cents at $6.49, and December Minneapolis eased a ¼ cent to $6.41 ½.
