Increased export interest also boosted corn, which rose after sinking during the overnight session.
“We’re seeing a lot of money moving in the markets,” said Greg Grow, director of agribusiness at Archer Financial Services. “It’s a really volatile and hectic business. We came in this morning and had some export business.”
The United States Department of Agriculture (USDA) said that private exporters reported the sale of 132,000 tons of soybeans to China and 247,800 tons of corn to unknown destinations.
In a separate report, the USDA said that weekly soybean export sales amounted to 1.199 million tons, 30.5% more than the previous week. Corn export sales, at 1.196 million tonnes, were near the upper end of market forecasts.
Chicago Stock Exchange March soybean futures were down 14.75 cents at $14.11 a bushel.
March corn was up 2 cents at $6.13 a bushel. Deferred corn contracts were flat or slightly down.
Reduced crop prospects in Brazil and Argentina due to dry conditions could shift Chinese demand more toward the United States.
March soft red winter wheat fell 5.5 cents to $7.8475 a bushel after hitting a three-week high on Thursday.
Source From: Ambito
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