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U.S. corn, soy futures firm on bargain buying; wheat mixed

U.S. soybean futures rose on Friday, snapping a streak of four negative sessions, on a round of bargain buying and short covering, traders said.

“Prices appear to have stabilized at current levels,” Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage, said in a note to clients. “Traders that sold all week will likely want to take some profits on those positions ahead of the weekend.”

Corn also was higher, with bargain buying featured after the market fell 3.3% over the previous four sessions. But gains were limited by a weather outlook for the U.S. Midwest that called for good conditions for crop development.

Wheat futures were mixed, garnering support from bullish export data but pressured by the harvest in winter wheat growing areas of the United States.

At 11:10 a.m. CDT (1610 GMT), Chicago Board of Trade July soybean futures SN2 were up 24 cents at $16.17-1/4 a bushel.

Strength in the crude oil market added support to soybeans.

CBOT July corn futures CN2 were up 12-1/4 cents at $7.59 a bushel.

After temperatures eased this week following a heat wave, the focus is on how much rain will reach the Midwest as corn and soy crops approach key summer growth stages.

Stress from dryness could spread to about 40% of U.S. corn and soy next week, before showers curb driest areas to less than one-third of the belt, Commodity Weather Group said in an note.

CBOT July soft red winter wheat WN2 was up 1-1/2 cents at $9.38-3/4 and K.C. hard red winter wheat for July delivery KWN2 was 2-1/4 cents lower at $10.02-3/4 a bushel.

The U.S. Agriculture Department said on Friday morning that weekly export sales of wheat totalled 477,800 tonnes, above the high end of trade forecasts that ranged from 150,000 to 400,000 tonnes.
Source: Reuters (Additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila; Editing by Sherry Jacob-Phillips and David Evans)

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