(Reuters) – U.S. corn futures rose on Friday, rebounding from losses of nearly 2 percent the session before, but the grain is poised to record a weekly loss of nearly 1.5 percent on worries over weaker demand from China.
Wheat gained for the first time in four sessions, rebounding from a more than a 18-month low, while soybeans firmed, although they were set to record their biggest weekly slide in six weeks.
Chicago Board of Trade March corn futures rose 0.29 percent to $4.27-1/4 a bushel, having slumped 1.9 percent in the previous session when they hit a one-week low of $4.26 a bushel.
“We are seeing a bit of correction in corn today after a heavy sell-off on Thursday,” said a Sydney-based grains trader, who is not authorised to speak to the media.
“The market is on edge as to any signs of further rejected shipments (by China).”
Corn slumped on Thursday following the confirmation that China has turned away about 2,000 tonnes of U.S. dried distillers grains (DDGs), a corn by-product, and more rejections are expected in coming weeks as Beijing imposes strict checks over an unapproved genetically modified (GMO) strain.
The move follows the rejection of more than half a million tonnes of U.S. corn.
March wheat rose 0.47 percent to $6.08-3/4 a bushel, having closed down marginally.
Despite firming, wheat is on course to record weekly losses of 0.7 percent, the fourth consecutive weekly slide as bumper global stocks weigh.
Analysts said wheat was drawing some support from the mixed outlook for U.S. winter wheat. Some areas of central Illinois and Indiana, where snow cover is lacking, may see some damage to dormant soft red winter wheat during a cold snap early next week. But overall, temperatures are not expected to drop enough to cause winterkill in major wheat producing areas such as Kansas.
March soybeans, the most actively traded contract rose 0.27 percent to $13.08-3/4 a bushel, having closed down 1.3 percent in the previous session.
Despite edging higher, soybeans are down 1.6 percent for the week.
Soybeans have come under pressure this week as updated models indicated crop-friendly weather, easing the threat of potential yield damage in Key producer Argentina.
