(Reuters) – U.S. soybean futures rose on Friday drawing support from technical buying, but the oilseed was poised to record weekly losses of nearly 3 percent, the biggest weekly slide in nearly four months as rains across Argentina eased heat stress on crops.
Corn rose for the first time in four sessions and wheat firmed after losses of more than 1 percent in the previous session.
Chicago Board of Trade March soybean futures rose 0.53 percent to $12.76-3/4 a bushel by 0316 GMT, having closed down 1.7 percent on Thursday when the oilseed hit a low of $12.62-1/2 a bushel, the lowest since November 2.
Soybeans dipped under the 30-day, 60-day and 100-day moving average levels after the sell-off in the previous session.
“Soybeans got sold off pretty heavily last night, and I think we are seeing a bit of rebound,” said Andrew Woodhouse, grains analyst, Advance Trading Australasia.
Beans are down 2.7 percent for the week, the biggest weekly slide since September 20.
Soybeans have slumped after rains across Argentina eased heat stress on crops, analysts said. Meteorologists said much of Argentina has seen 0.5 to 1.5 inch (1.3 to 3.8 cm) in the past week, easing fears that an expected bumper South American crop would fail to materialise.
March corn rose 0.42 percent to $4.22-1/4 a bushel, having closed down 0.36 percent on Thursday when the grain hit a nearly two-month low of $4.18-1/2 a bushel.
Corn losses were capped, analysts said, as traders unwound long corn/short soybean spread positions.
Corn prices are down 1.2 percent for the week, the second consecutive weekly slide of more than 1 percent.
Corn futures have come under pressure from the improved crop outlook in South America and ongoing concerns over Chinese demand following the rejection of several U.S. shipments in recent weeks because of the presence of an unapproved strain of genetically modified grain.
March wheat futures rose 0.46 percent to $5.99-3/4 a bushel, having slid 1.4 percent in the previous session when prices hit a contract low of $5.95 a bushel.
Analysts said wheat was drawing support from technical buying after the grain fell below the key resistance point of $6 a bushel.
