CANBERRA, June 18 (Reuters) - U.S. soybean futures were on
course to post their biggest weekly loss in nearly seven years,
weighed down by forecasts for crop-friendly weather and cooler
temperatures in the Midwest crop belt, despite a 3% jump earlier
in the day.
Wheat rose 1% on Friday, but an advancing U.S. harvest was
set to drive the grain towards a weekly loss of 5%, while corn
was up 1%.
The most active soybean futures on the Chicago Board of
Trade were up 3.2% at $13.67-1/2 a bushel, as of 0201 GMT,
after closing 8.2% weaker in the previous session when prices
hit a Jan 23 low of $13.23-1/2 a bushel.
Traders expect showers to bring relief to dry areas of the
U.S. Corn Belt over the next two weeks, improving production
Driven by heavy losses, soybeans are down 9% for the week,
set for the biggest weekly slide since September 2014.
"Many of those grain and oilseed markets had heavy long
positions driven by macro views and the momentum tailwinds they
create. Selling by that group was a major reason for the falls,"
said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
"We do not think though that much has changed in the tight
The most active corn futures were up 1.3% at $6.41-3/4
a bushel, having closed 6% lower in the previous session.
Corn is down 6% for the week, having closed 0.2% higher in
the previous week.
The most active wheat futures were up 1.5% at
$6.48-1/2 a bushel, having closed down 3.6% on Thursday.
Wheat is down nearly 5% for the week, poised for the second
straight weekly slide.
(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)