Soybeans and corn firm on higher oil prices, but set for weekly losses

Soybeans and corn edged higher on Friday as stronger oil prices lent support, but both remained on course for weekly declines, Business Recorder reported. By 0225 GMT, the most-active Chicago soybean contract had gained 0.3% to $11.92-1/4 a bushel, while corn rose 0.1% to $4.40-1/2. Wheat slipped 0.3% to $5.97-1/2.

Soybeans were down more than 3% for the week, while corn was heading for a sixth straight weekly loss. Traders are awaiting next week’s US Department of Agriculture crop report: analysts surveyed by Reuters expect a lower corn production estimate than October’s 16.034 billion bushels, but a higher soybean estimate of 4.597 billion bushels. Wheat weakened as traders weighed the prospect of renewed Black Sea exports, with growing shipments from Russia and Ukraine already easing supply concerns.